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Netflix Daily Price Forecast: NFLX Price Climbs After a Minor Drop

Netflix Daily Price Forecast

Netflix stock price has been making a lot of progress in 2019, repairing the damage it suffered in December 2018, and inching closer to its all-time high. NFLX price reached its highest point in history back in July 2018, when it exceeded $415. However, what followed was a sharp correction which brought the price down to its support at $330 by mid-August.

The price soon saw another growth right after reaching this point, but as soon as September started, the stock market crashed, knocking NFLX price down to $245. This was the lowest that Netflix stock price sank in 2018, with the price being cut nearly in half in the span of only a few months.

Netflix Daily Price Forecast Chart 1
Source: Nasdaq

Luckily, the situation started to change in late December, and NFLX price started yet another surge — one that took it up by over $100.

Netflix stock price surges

In the first half of January, Netflix stock price was on the constant growth, until it hit a resistance level at $360. This was followed by a correction which was slowed by a support at $340 but finally stopped by a support at $320. Until the end of January, NFLX price was trapped between this support and a newly-formed resistance at $340.

However, the resistance did not manage to hold for long, and it was breached on the first day of February 2019. For the better part of the month, the Netflix stock price fluctuated between its new support at $340 and its old resistance at $360. The resistance was breached in the final days of the month, but only briefly, and the price dropped back below this level on February 28th.

Netflix Daily Price Forecast Chart 2
Source: ZACKS

However, it did not go far, and during the first half of March, NFLX price attempted to breach the resistance once more. After a few failed attempts, it finally managed to do so around March 15th, successfully breaching the roadblock and turning it into a support that has been holding to this day.

Further, NFLX price experienced a surge between March 19th and March 21st, going up until stopped by another resistance at $380. The price quickly corrected itself on March 21st, dropping back down to the support at $360. It did not stop there for long, however, and it started another steady rise almost immediately, breaching a minor resistance at $365 by March 25th.

At the time of writing, NFLX price sees yet another unfortunate correction, only this one managed to briefly break the support at $360. Right now, Netflix stock price is at $359.97, after a 1.71% drop in the last 24 hours. However, it is unlikely that the price will continue its drop, and those looking to buy Netflix stock might even use this opportunity and treat it as a minor discount.

The price will likely rise again very soon, as NFLX continues on its way to reach a new all-time high. The company’s current market cap sits at $159.90 billion, while the average volume sits at $6.8 million. The prediction for NFLX price’s daily high is $368.38, meaning that growth is expected to arrive soon, and in the worst case scenario, Netflix willfully break its support level, and go down to $358.02. In the event, the $360 level might start acting as a resistance again, which will be a minor step back, but NFLX has already breached this resistance twice in the past month, and it will likely do it again in days to come.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.