Is Netflix Stock About to Rally?

Shares of Netflix, Inc. NFLX may be about to stage a rebound. The stock is getting close to a level that has been support in the past.

Since last August, NFLX has dropped to the $470 level on four separate occasions. Each time, a significant rebound followed.

Sometimes, a support level can remain intact for a long period of time. It could be months or even years. This is why some analysts say that markets have memories.

This means if NFLX continues to trend lower and reaches the $470 level for a fifth time, there’s a chance that another move higher may follow.