Netflix is doing something it's never done before, and it could signal a huge move $NFLX (via TradingNation)
On Monday, shares of the streaming video giant gained more than 3% after William Blair analyst Ralph Schackart reiterated a bullish note saying the stock can rise 22% by the end of the year.
According to research firm Bespoke, this is Netflix's tightest trading range on record, which means that after such a long period of consolidation the stock could be poised for a big move higher — or lower. "There's a couple of things working for the chart. It's in a long-term uptrend. We do tend to look at ranges within long-term uptrends as continuation patterns, and of course strong support and a strong tape," she said Monday on CNBC'sBut first, the stock must surpass $387 — about 11% above Monday's closing price of $351 — since that's the level that has provided overhead resistance in the past.
Netflix trades at 78 times forward earnings — the most expensive of the FAANG stocks. Point View Wealth Management's John Petrides said that valuation is unjustified, given a slowdown in subscriber growth and an increase in streaming competition.
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