By 
Netflix’s share price saw a boost in Thursday’s pre-market session, building on its recovery over the past three days. Netflix (NASDAQ: NFLX) rose by 1% in early trading, with the share price reaching $616.50 at the time of writing. The stock had closed in the red for the past three weeks, with the recent downward momentum worsened by this week’s fear-driven selloff. However, Disney’s earnings report on Tuesday, which highlighted significant growth potential in streaming services, bodes well for Netflix.
Additionally, Netflix may be gearing up to increase its subscription fees as it expands into live sports and prepares to release new seasons of popular series. This move could help the company grow its subscriber base. Netflix’s focus on ad-generated revenue also presents an attractive opportunity for investors, potentially drawing new capital as the stock price recovers from its recent dip.
The 2-hour chart suggests that Netflix’s upward momentum is likely to continue. The share price is currently above the middle Bollinger Band and is attempting to cross above the upper band, which is aligned with the $626.18 mark. The Moving Average Convergence Divergence (MACD) is also above the signal line, indicating buyer control.
Netflix’s stock price is expected to remain on an upward trajectory above the $617.00 pivot level. With this momentum, the next resistance could be at $626.80, and if buyers maintain control, the price may test $635.00. However, if the price drops below $617.00, sellers could take control, with the first support level at $608.50. If sellers continue to dominate at that point, they could push the price below this level, invalidate the upward trend, and potentially test $600.00.