By 
Netflix stock reached new record highs as the rally in the technology sector continues, with the Nasdaq index also hitting fresh all-time highs, following positive momentum from Chinese stocks during the Asian trading session. Netflix has benefited significantly from the coronavirus crisis, with over 16 million new subscribers signing up in the first three months of 2020. The company’s management expects this trend to continue throughout the rest of the year.
Despite increasing competition in the sector, Netflix’s market share grew by 1.5% during the coronavirus lockdown. Management has reassured investors that their content release schedule will not be affected by the pandemic for the remainder of the year, giving Netflix a strong advantage over competitors facing disruptions in content production.
Many analysts now believe that Netflix may leverage its strong market position to raise membership prices, which would enhance the company’s profitability.
Netflix is scheduled to report its second-quarter earnings on July 16, 2020.
### Netflix Daily Technical Analysis
Netflix shares are up 3.70%, trading at $494.52 and reaching new all-time highs. The technical outlook remains bullish, suggesting the possibility of further gains as the RSI index indicates more room for upward movement.
On the upside, the first resistance level is at $495.96, marking the all-time and daily high. The next resistance is at the psychological level of $500.00.
Conversely, initial support is found at $479.80, today’s low. If Netflix stock breaks below this level, the next support would be at $453.55, the low from July 1. A significant break below this could challenge the 50-day moving average at $437.32.