Netflix has fallen back towards the $470 level, after recently making a new 2020 high, around the $575 level.
Netflix medium-term price trend
Neftlix’s share price has fallen back towards the $500 level, following a sell-off in many of the leading tech stocks inside the Nasdaq last week.
Netflix stock technical analysis shows that medium-term bulls may be preparing for the next major push higher.
The daily time frame shows that the recent breakout above the $425 level has ignited a large inverted head and shoulders pattern.
According to the size of the bullish reversal pattern, Netflix’s share price could reach $620 over the medium-term.
Traders may use the recent pullback as a chance to enter into the prevailing bullish price trend.
Netflix short-term price trend
Netflix stock technical analysis shows that the stock is only still bearish over the short-term while price trades below the $480 level.
The one-hour time frame shows that a bullish breakout has taken place from a falling wedge pattern.
Near-term technical analysis shows that the bullish breakout area from the reversal pattern is found around the $480 level.
Short-term technical analysis shows that a rally towards the $550 level is possible while price trades above the $480 level.
It is also noteworthy that the stock could fall towards the $450 level if price moves below the $470 level.
Netflix technical summary
Netflix stock technical analysis shows that a bullish reversal pattern is pointing to more medium-term gains towards the $600 resistance area.
