2023-09-18 05:03:09
Netflix is starting to show signs of fatigue on the chart and it may not just be a technical figure, but there may also be something rotten in the realm of Red Hastings. Is the relationship between the king of Streaming and its shareholders changing?
A word from the “Wolf of Zurich”:
Technically, Le Loup detected two bearish figures which are as follows:
The first is a bearish Wolfe wave which would take the price towards $330, if you draw a 2-4 trendline (WW 2-4). The second is a harmonic figure called NEN STAR, which on the chart gives a PRZ (Potential Reversal Zone) around $133.
However, it is customary to take your “Take Profit” (60-80%) around the 50% of a Fibonacci retracement, therefore around $324.40, and to let the rest of your position run with a STOP BREAKEVEN (Stop on his position ).
Add to this a bearish divergence of the RSI validated on July 20, 2023, The “Wolf of Zurich” therefore offers you the following possible downward objectives:
377.10 = EMA-Daily.200.
324.40 = 50% Fibonacci.
286.30 = 61,8% Fibonacci.
232.06 = 78.6% Fibonacci.
I know it sounds “crazy”, but remember what I always say: “ CHARTS NEVER LIE !”
The Wolf of Zurich aka James D. Touati
NETFLIX chart – Source: Tradingview.com – Analysis by James D. Touati – SAMT.ORG
The fundamental question
Netflix, the change in business model and investor perception is causing big waves on the streaming company’s stock. As shown in the chart of the “Wolf of Zurich” aka @James D Touati, the “technical” future of Netflix is not the most “serene”. On a fibonacci retracement, we might “easily” reach $324.40 – but then why would Netflix go down, apart from the technical figure? Well maybe because things are changing. In fact, for years, the performance of the title has been closely linked to the number of new quarterly subscribers. Except that during the last publication, the number of subscribers skyrocketed, but the title nevertheless deflated. This may simply be because investors are focusing a little more on fundamentals than on the number of binge-watching fans. At the end of last week, the CFO of the king of streaming announced that margins would be reduced and that the “ business” was not yet really a “game changer”. We can therefore wonder if the shareholders who have been there for a long time are not giving up their arms while waiting for things to settle down, that is in any case what the technical figure suggests – a big fatigue to come before seeking points for the start of a new business model vision from investors. Be careful when turning on the TV… ????
Thanking James D. Touati for his analysis on the NETFLIX graph you can find James on the SAMT website (The Swiss Association of Market Technicians)
Thomas Veillet (Investir.ch) in collaboration with James D. Touati (SAMT)
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