Netflix Holds $82 Support Level as Stock Shows 30% Decline from Moving Average

⬤ Netflix has successfully held a key macro support level around $82 on its first test, with shares currently trading near $85.70 and stabilizing after an extended downtrend that pushed the stock into deeply oversold territory on weekly charts.

⬤ The stock is now trading roughly 30% below its 200-day moving average, reflecting the severity of the recent correction. Weekly momentum indicators show oversold readings with the RSI declining but starting to flatten, suggesting selling pressure may be easing even though the overall trend remains negative.

⬤ Recent price action shows consolidation rather than continued collapse, with Netflix settling into a tight range between $85 and $90. The stock is compressing beneath descending trend resistance, and options positioning hints at range-bound trading through the February 20 expiration.

⬤ This technical picture puts Netflix at a pivotal moment. Holding above $82 while oversold could allow for base-building and potential recovery, but breaking this support would likely trigger another leg down and expose deeper downside risk in the coming weeks.