Shares of Netflix Inc.
edged up 0.2% in premarket trading, as the first bullish “golden cross” chart pattern in 15 months. Many Wall Street chart watchers believe the pattern, which is when the 50-day moving average (DMA) crosses above the 200-DMA, is a sign that a shorter-term bounce has graduated to a longer-term uptrend. The streaming entertainment service’s stock closed Tuesday at $286.69, up 72.3% from the May 11 five-year low of $166.37, while the Nasdaq Composite
has slipped 1.7% and the S&P 500
has gained 1.7% over the same time. On Wednesday, the 50-DMA is set to rise to $260.03 from $258.78, while the 200-DMA is set to slip to $258.39 from $258.98. The last golden cross appeared on Aug. 16, 2021, and the stock rallied as much as 34% before peaking about three months later.
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