Green line- support trend line
Blue lines -Fibonacci retracement levels
NFLX stock price is trading around $396 challenging the upward sloping support trend line coming from 2022 lows around $162. Price has been making higher highs and higher lows since then, until the up trend stopped at the 61.8% Fibonacci retracement level. Recently price made a lower high at $453. A break below the green trend line would be an added sign of weakness. At 61.8% retracement level we usually see trend changes. NFLX stock price is vulnerable to a move lower, specially if we see the green trend line broken. Traders need to be cautious.
