Netflix's Stock Journey In 2023: Navigating A 6% Decline Amidst An Impressive 51% Year-To-Date Surge

• Netflix experienced a notable setback when it approached $485 in July 2023, leading to a  28% decline.
• In November 2023, the stock neared the July high but was met with another decline, but is now making progress and gradually climbing higher.

Netflix Inc.'s NFLX stock journey towards $500 has been a turbulent ride, with many ups and downs and key turning points. Despite showing signs of promise, the stock has faced challenges since July 2023 by failing to break through the $500 level.

At that time, Netflix seemed likely to break through as it approached $485 but unexpectedly faltered. This resulted in a 28% decline, breaking through the daily 200 simple moving average.

The narrative shifted in October 2023 as its stock experienced a sudden revival, surging back above the 200 simple moving average. The rebound indicated a surge in the stock's momentum, suggesting a high probability of price climbing higher.

In November 2023, Netflix's stock price showed promise as it approached its previous high from July. Unfortunately, the stock experienced a 6% decline, missing this milestone once again.

The stock is currently relying on support at $453, a critical level for its short-term direction. If the stock stays above this level, it could enter a consolidation phase before a potential upward trend.

However, if the support level breaks, the stock could drop towards the 200 simple moving average at $393. This would be a substantial setback, with potential for a longer-term downtrend.

Netflix's stock has the potential to reach new heights. Breaking through current resistance levels could see the stock break above the 2022 high at $609.

After the closing bell on Tuesday, December 12, the stock closed at $463.00, trading up by 0.67%.

This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.