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Two consecutive days of negative price movement have dampened bullish forecasts for Netflix’s stock. On Thursday, Netflix’s stock price fell by 1.8%, marking the second straight day of losses following a negative close on Wednesday. The stock has struggled to break through immediate resistance levels, largely due to a lack of positive fundamental news.
Moreover, competition in the streaming market is intensifying. Apple TV+, one of Netflix’s major rivals, recently became the first streaming service to win an Oscar for Best Picture with “CODA.” In contrast, Netflix’s “Power of the Dog” received several nominations but was outpaced by Apple TV+ in the Best Picture category. Apple TV+ had acquired “CODA” for $25 million when it premiered at the Sundance Film Festival in 2021.
While this development might not have directly affected Netflix’s stock price, it could influence future stock forecasts by highlighting Apple TV+’s growing presence in the streaming industry.
With Thursday’s decline, Netflix’s stock is now testing the support level at 374.57. If this level breaks, the next support could be at 366.87, followed by 354.13. Further downside targets include the support levels at 331.16 and 321.59, should the price continue to deteriorate.
On the upside, a rebound from the 374.57 support level could give the bulls an opportunity to target the March 29 high of 395.29. However, additional resistance levels lie at 412.51 and 431.43. If the bullish momentum continues, the stock could aim for the February highs, with the February 1 high of 458.46 being the final short-term target, contingent on breaking the 445.06 resistance level.