A quick look at yesterday: Netflix ended Friday’s session at $230. yesterday started with an increase to $249.92, but dropped back and closed at $245.1.
At the same time, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Although Netflix is appreciating today after rising as high as $249.92, price action is now slowing and consolidating around $6.78 below the $251.88 resistance level. Netflix’s upper Bollinger band is at $250.51, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Netflix is set for a reversal in the coming days.
A look at other communication services stocks also showed bullish price action as Meta Platforms gained 5.74%, as it traded at $134.04. Alphabet traded at $100.78 after closing yesterday’s trading day at $97.18 (up 3.7%). Verizon was up 2.2%.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
The streaming heavyweight is now trading 66.75% below the significant high of $691.69 it set around 10 months ago.