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Netflix’s stock is currently trading at 357.47-higher by 7.40% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 3.40%. The stock has continued gaining after the opening bell.
Investment firm Baird upgraded the media-services provider’s stock to outperform from Neutral. The investment firm believes that Netflix will benefit from at least two factors. One is most people are at their homes due to the pneumonia-causing virus outbreak. Second, is the acceleration of cord-cutting due to the lack of live sports on TV.
Baird also said that the media-services provider ended last year with 167.1 million global video subscribers. Subscribers were up 20% from a year earlier. The media-services provider‘s Chief Content Officer said on the weekend that he doesn’t see any shortage of content in the coming months amid coronavirus outbreak. Stocks of Netflix have rallied about 10% Year-to-date.
On the technical front, the RSI is currently at 52.78% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 16% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- STOP BUY AT 357.80 TAKE PROFIT AT 364.80 STOP LOSS AT 354.30