Netflix Finding Sellers At $620 Level
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Netflix, Inc. (NASDAQ: NFLX) shares were unchanged at $613.25, which stands as its all-time closing high, in Monday's session. The issue continues to distance itself from the $600 level that it surpassed on Friday on rumors the company may be entering China.
Off the open, it found support way ahead of Friday's low ($600.29), reaching $609.17 before embarking rally to a new all-time high ($619.25), besting Friday's high of $618.44. One possible reason for the resistance at this level is there may be an institution or large investor targeting the $620 level as a possible exit point.
Keep in mind, the issue has rallied from its April 15 close ($475.46) to its current level as a result of better-than-expected Q1 earnings report and subscriber numbers. It has added over $270 s share from its December 31 close ($341.61).
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