Netflix Sitting on Big SupportShares in streaming giant Netflix are threatening to break lower still this week. Following the recent rebound which saw price trading back up to near the 475.17 level, price has since reversed lower again and is now testing below the long term rising trend line and 352.91 level support.Netflix has seen its stock price dropping by around 50% since the highs printed in Q4 last year. Indeed, the latest downturn comes despite a positive set of Q4 2021 earnings. The broader shift lower in tech stocks has been the main driver behind the move, with analysts now split as to whether the company’s own fundamentals can bring it back from a deeper decline. With competition growing from other streaming platforms, Netflix has seen declining numbers of new subscribers, raising big questions about the company’s future.Technical ViewsNetflixFor now, shares on sitting on a big support level at the 352.91 level, where we also have the long-term rising trend line coming in. With MACD only just bullish and with RSI already bearish, the risk is of a further drop lower from here towards the 264.42 level and bear-channel low. To the topside, 475.17 along with the bear channel is the key resistance level to note.
Source: Tickmill
