Netflix Inc shares have held their own apart from the turmoil of the coronavirus situation, thank strong subscriber additions facilitated by the lockdown worldwide.
The streaming giant is among the best performing S&P 500 stocks year to date, having gained about 42 percent through May 19, when the record will go of dollar 458.97 percentage.
The record high had to do with the strong three months results reported by the company, driven by a surge in paid net subscriber additions to million.
The numbers which are strong, incidentally, left wall street looking around the sustainability of Netflix’s growth.
Since the May 19 Deak, Netflix shares have given back some of their gains. A six-session losing streak that started May a18 has led to a 97 percent pullback in the stock through last week.
Netflix published were trading 0.31perecntage higher at dollar 416.07 at the time of publication Wednesday. The peak-to-trout decline has been around 12 percent.
The stock violated near term support around dollar 439 during the current downturn and now is precariously perched around another support area.
If the weakness goes on, the stock is in the danger of an ongoing pullback below the dollar 380. dollar 381 locations, which it touched in a few instances earlier this year.
Netflix stock experienced weakness in March along with the broader market and hit a low of $290.25 March, 17 before rebounding much faster than the market.
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