Key points:

• Netflix logs 8-day loss
• Big support at $80 a pop
• Stock down 10% on year

Streamer is out of favor but what’s happening now may be good for the stock. Technically.

📉 Eight Red Days

• Netflix shares NFLX slid 2.2% to $81.52 on Wednesday, marking their eighth straight losing session. That’s the stock’s longest losing streak since November 2022 — not exactly the kind of binge-watch marathon shareholders had in mind.
• The selloff has been relentless. Since peaking at $108 prior to earnings on April 16, Netflix has shed roughly 24% of its value. The stock is now down 10% in 2026 and off 30% over the past year.
• What’s surprising is that the decline came after a solid earnings beat. Investors instead focused on softer guidance and the announcement that co-founder and chairman Reed Hastings will step down, leaving the company searching for a new chair.

🎬 Bad News, Good Setup?

• Sometimes stocks fall not because the business is broken, but because sentiment is. Right now, Netflix appears to be stuck in the market’s penalty box while investors reassess leadership changes and growth expectations.
• The company holds its annual general meeting on Thursday, giving investors a chance to hear more about succession plans and strategy.

📊 Chart Watch

• Technically speaking, Netflix is sitting on a critical level. Shares are hovering around $80-$81, which aligns with the lower boundary of a long-term rising price channel that has held multiple times over the past few years.
• The channel previously acted as support in October 2023 and February 2024. In chart-speak, support is an area where buyers historically step in and halt declines. If they show up again, the stock could attempt to stabilize.
• If that floor cracks, traders are eyeing the next downside targets around $75, followed by the 200-day moving average near $68-$70. On the upside, the longer-term resistance remains well above current levels, near the area where Netflix peaked above $135 last year. The bulls now have a simple assignment: defend the line.

Source: Tradingview