Lights, camera, action – Netflix stock continues its move higher
Netflix (NFLX) is trading higher on Tuesday, following flat earnings and better than expected growth in subscribers.
Netflix reported earnings per share of $0.64 and total revenue of $3.7 billion, compared to analyst expectations of $0.64 and $3.69 billion. However, the company added nearly 2 million US subscribers and 5.46 million internationally, compared to 1.45 million and 4.98 million.
NFLX – Higher Yet?
We previously noted the positive technical patterns on the stock chart, highlighting the early cycle low, which is a bullish occurrence. We thought it might be tested, but in fact it was not.
The stock may now move into a resistance zone defined by the rare 423.6% extensions.
Netflix (NFLX) Stock Chart with Weekly Bars
For an introduction to cycle analysis, check out our Stock Market Cycles video.
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The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
