Netflix share price analysis shows that the stock could start to trade back towards its all-time high if bulls gain traction above the $335.00 level.
Bullish price patterns on both the lower and higher time frames highlight an upcoming test of the $368.00 resistance level.
Netflix medium-term price trend
Netflix share price analysis shows that the stock remains technically bullish while trading above the $323.00 level.
The recent recovery in US equity markets, driven by positive risk-sentiment, has given a boost to most of the leaders inside the Nasdaq.
Netflix technical analysis shows that further gains appear likely for the stock while price trades above the $335.00 level.
Furthermore, a large wedge pattern is starting to come on the daily time frame, with the top of wedge located around the $368.00 level.
A breakout above the $368.00 level could see Netflix soaring towards its all-time price high, around the $420.00 level.
Failure to surpass the $368.00 level could see Netflix pushing back towards its 200-day moving average.
Netflix short-term price trend
Netflix share price analysis shows that bullish pressure is starting to increase on the stock over the short-term horizon.
The four-hour time frame shows that bullish inverted head-and-shoulders pattern has been triggered, following the recent breakout above the $335.00 level.
Looking at the upside projection of the pattern, it would take Netflix to a fresh record price high, around the $440.00 level.
Short-term traders should also be aware that a small inverted head-and-shoulders pattern is also in play that would take the stock towards the $360.00 level.
Failure from current levels, or a sustained loss of the $335.00 level could see Netflix pushing back towards the $319.00 to $310.00.
Should the bearish scenario happen, dip-buyers are likely to be lurking from the mentioned support levels.
Netflix technical summary
Netflix share price analysis suggests that the stock may rally towards the $368.00 level and potentially its all-time high.
Sustained weakness under the $335.00 level could prompt a short-lived decline towards the $319.00 level.
