Why is Netflix going to reach almost $700?

Good morning traders, today we bring you our analysis on Netflix, since we consider that it has a great upward potential and is a good investment opportunity.

Based on what the behavior shows us in the chart, we can obtain some conclusions:

🔸For many years this stock has been bullish, so we will base exclusively on the behavior of this year.

🔸From the beginning of this year to the ATH, the price had an approximate 100% increase.

🔸Of course, in the midst of the uptrend, as expected, there were corrections of between 15 and 30%.

🔸The remarkable thing about these situations is that, after correcting, the subsequent rise generated new highs.

🔸Right now we are facing a similar scenario, but with a bigger correction.

🔸It is a clear corrective flag pattern, with a duration of almost four months.

🔸The $ 60 zone was impenetrable, and each time the price faced it generated a bullish bounce.

🔸It is now heading towards the upper zone of the range, where we are expecting a bullish breakout.

🔸In the event of a break in the corrective structure, we estimate a minimum target of 20% to the upside, since it is the cloning of the broken range, which takes the price to almost $700.