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With a 3.13% surge on Friday, Netflix stock (NASDAQ: NFLX) price has soared to its highest level since November 202. The shares of the streaming giant are up for the 5th consecutive day. This translates into a weekly gain of 4.80%, shrugging off the economic uncertainty in the US.
On June 14, the benchmark indices of the US stock market are trading in red. This comes after the S&P 500 and Nasdaq 100 hit record highs in the last two days. The markets seem to be pricing in the prospect of only a single rate cut this year.
Despite the softer inflation data for May, the US Federal Reserve remains hawkish. According to the recent Fed Chair remarks, there was not enough confidence to cut rates yet. Consequently, the rates were kept unchanged for the 7th consecutive FOMC meeting.
Netflix Inc. announced in May that it would broadcast the Christmas NFL games. As per the latest news, the company is in talks with broadcasters about becoming an NFL production partner. The reports suggest that the streaming service has approached ESPN, NBCUniversal and CBS in this regard. This news might have contributed to today’s surge in Netflix stock.
On Friday, NASDAQ: NFLX is outperforming its tech peers. This reflects a resilient price action backed by strong demand for the stock. For a better shot at making a Netflix price prediction, let’s analyze the price on a weekly timeframe.
Each candle on the following chart encapsulates a whole week’s price action. After multiple attempts, bulls seem to have overcome the $632-$650 supply zone, as mentioned in the following chart. If bulls hold the current level, the price could gravitate toward a new all-time high very soon. However, this outlook would be invalidated in case of a breakdown below $650
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