Sometimes, markets have memories. Unfortunately for shareholders of Netflix, Inc., that isn’t the case today.
A market memory refers to a long-term support or resistance level. These levels can stay intact and remain important for months or even years.
But it didn’t happen with the steaming giant following the release of its latest earnings report.
In September 2019, Netflix stock found support at the $250 level. Some analysts predicted the sell-off would end and shares would rebound off of the support once again.
Netflix did pause and hold above it for a few hours, but the support broke and the stock is trading well below it. In this case, the market didn’t remember.
Benzinga
By Mark Putrino
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