These Wiseguys Want Netflix Higher
Netflix is about to see a high profile movie release just in time for Thanksgiving: The Irishman. A 3 hour Martin Scorsese epic mob movie that has captivated audiences. Will these wiseguys be able to support Netflix stock? Shares have been in a well defined 15+ year rising channel, and the stock has bumped up against the upper band resistance of that channel earlier this year. The stock has a $200 - $250 support range, representing 20% - 35% potential downside from current levels. On the flipside, the stock has a $400 - $500 price target range, representing its previous all time highs and the 161.8% fibonacci extension derived from the high and low of 2018. This represents potential upside of 28% - 60% from current levels. This sets up for a favorable risk/reward setup. Strength in streaming should help all participants, including Netflix.