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With Netflix (NASDAQ: NFLX) recently hitting a record high following its strong Q3 2024 earnings report, an investment firm has projected that the stock is on track to breach the $840 mark by the end of 2024. This upward momentum is largely driven by the company’s strategic focus on expanding its core movie and TV offerings, alongside efforts in gaming and improving its advertising strategy.  The streaming giant’s stock surged to a record close of just over $772 on October 21, 2024, marking a 34% gain over the past six months and an 8% increase over the past five days. As of press time, the stock is trading at $767. Netflix one-month stock price. Source: Google Finance According to an analysis by the investment firm TradingShot, the recent earnings beat has boosted investor confidence and provided the technical setup for a potential rally toward the $840 mark. With the stock hitting new highs, the current boost is projected to serve as a foundation for further gains in the coming months. “The stock has been trading within a Channel Up for a whole year and now has the perfect fundamental excuse to aim higher. “ –TradingShot Technical setup points to more upside According to the analysis, the momentum after the earnings marked a technical bounce, with the stock breaking above the 50-day moving average for the first time in two months. The stock has been steadily rising within a Channel Up pattern since October 2023. Netflix stock price analysis. Source: TradingShot/TradingView The Relative Strength Index (RSI) echoes previous bottoms within this channel, aligning with patterns observed on August 5, 2024, April 22, 2024, January 17, 2024, and October 18, 2023. Each instance saw the stock rebound significantly after testing support levels. With the confluence of technical factors, including support from the…

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Filed under: News - @ October 22, 2024 3:22 pm