Netflix stock strongly bullish; looking overbought.
Netflix stock price reached another all-time high of 325.44 yesterday as the stock extended a long bull run and posted the third green day in a row. Prices broke above the 161.8% Fibonacci extension level at 317.45 of the last bearish correction from 286.00 to 235.70. The bullish picture in the medium-term is further supported by the technical indicators.
Short-term momentum indicators are also pointing to a continuation of the bullish bias. The MACD oscillator jumped above its trigger line with strong momentum while the RSI indicator is holding in the overbought zone.
To the upside, there is a resistance level of 261.8% Fibonacci level at 368.00 and the price seems to be ready for an aggressive bullish roller coaster.
Should prices reverse lower, immediate support could come at 161.8% Fibonacci mark. A drop below this area could take the price towards the 286.00 handle. Below that, the 20-simple moving average around 279.60 at the time of writing in daily timeframe could act as a support level.
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