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Watch These Netflix Stock Price Levels As Momentum Slows Ahead Of Earnings
~2.0 mins read

Netflix (NFLX) shares will be on investors' radar screens this week as the company is slated to report its second-quarter earnings after the bell on Thursday.

Investors will be focused on advertising revenue, pricing updates, and further details about the company’s expanding foray into live event sports programming. Given Netflix's plans to pivot from reporting subscription metrics next year, analyst will also likely scrutinize these numbers, looking for signs of cooling growth.

Below we take a closer look at the the streaming giant's weekly chart and point out important technical levels to watch out for amid possible earning’s-related volatility this week.

Netflix shares have remained in a steady uptrend since May 2022, with the stock generally making higher highs and higher lows over the past two years. Moreover, the 50-week moving average (MA) crossed above the 200-week MA in February to form a bullish golden cross pattern.

However, more recently, several technical indicators suggest a slowdown in buying momentum. Firstly, volumes have remained below average this year compared to 2022 and 2023. Secondly, as the streaming giant’s stock rallied to a multi-year high last week, the relative strength index (RSI) made a relatively lower high to form a bearish divergence. Finally, the stock has attempted to break out to a new record high in recent weeks, but has failed to do so.

It’s worth watching these four key locations on the chart where the stock could attract buying interest during periods of profit taking.

An initial retracement area to monitor sits at $638, where the price could encounter support from a swing high that formed between late March and early April.

Falling below this level could see a decline to the $500 level, an area on the chart likely to find buyers near the psychological number and a period of price consolidation from November 2023 to January this year.

The next lower support area sits around $440 near a horizonal line that connects a range of prices between June and December last year.

A deeper correction could see the stock revisit a trendline linking a 2023 January peak and October trough, near $365, 

Netflix shares were up 0.2% at $649.00 in recent premarket trading Monday.

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Instablog9ja
I’m Not Coming To Dubai — Says Nigerian Man After He Was Charged N688,000 To Get A One-month Visa Following The Lifting Of Travel Ban On Nigerians By UAE
~0.3 mins read

A Nigerian man has said he is not coming to Dubai, after he was charged N688,000 to get a one-month visa following the lifting of travel ban on Nigerians by UAE.

The man confirmed that he is not coming to Dubai after he confirmed the fee for the one month visa fee, which is not confirmed he would be given but the fee is not refundable.

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Investopedia
Google Could Be Teeing Up Its Largest Acquisition Ever
~0.9 mins read

Google parent Alphabet (GOOG) is reportedly gearing up for $23 billion acquisition, the largest in the company's history.

Alphabet is near to a deal with Wiz, a cybersecurity software provider for cloud computing, according to thewhich cited anonymous sources close to the deal Sunday. The deal would shore up Alphabet's presence in the cyber security and cloud computing space.

The tech giant has spent big money to catch up to its peers in that sector. If the deal goes through, Wiz would join Mandiant in Alphabet's cybersecurity business. The Mandiant deal was another record-breaking deal for the tech giant, clocking in at $5.4 billion and second only to Alphabet's purchase of Motorola Mobility for $12.5 billion.

Alphabet's cloud business accounted for $9.5 billion of revenue in its first fiscal quarter and CEO Sundar Pichai said the company's cloud business is "now widely seen as the leader in cybersecurity."

The company will report earnings for the second quarter on July 23.

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Instablog9ja
BBN’s Vee Reveals What Will Likely Happen To You If You’re Too Sw3et
~0.2 mins read

BBN’s Vee has revealed what will likely happen to you if you’re too sw3et

She said if you are too sw3et, they will lick you finish.

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Instablog9ja
Just In: Nigerians Troop Out To Spread Their Clothes On The Floor For President TInubu As FG Reportedly Donates Trucks Of Rice To 36 States, FCT
~0.3 mins read

The Federal Government has donated 20 trucks of rice to the 36 state governors and the federal capital territory for onward distribution to Nigerians, Daily Trust is reporting.

Addressing state House Reporters after the Federal Executive Council meeting on Monday, Minister of Information and National Orientation, Mohammed Idris, said the rice is for the most vulnerable Nigerians.

He also said the Tinubu administration is committed to making sure that Nigerians have food on their table.

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Nigeria’s Inflation Rate Increases To 34.19% Amid Rising Food Prices
~1.9 mins read

Nigeria’s inflation rate rose to 34.19 percent in June 2024 — up from 33.95 percent in May, TheCable is reporting.

The data is captured in the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, released on Monday.

The CPI measures the rate of change in prices of goods and services. According to the bureau, food inflation also surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge.

NBS said the headline inflation rate in June showed an increase of “0.24% points when compared to the May 2024 headline inflation rate”. “On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%,” the NBS said. “This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023). Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%). This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.”

NBS further said the food inflation rate in June 2024 was 40.87 percent on a year-on-year basis — a 15.62 percent uptick compared to the rate recorded in June 2023 (25.25 percent). This, the bureau said, was caused by increases in prices of items such as millet whole grain, garri, guinea corn, bread and cereals class, yam, groundnut oil, palm oil, and catfish. “On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%),” the bureau said.

“The rise in food inflation on a month-on-month basis was caused by the rise in the rate of increase in the average prices of groundnut oil, palm oil, etc (oil & fats class), water yam, coco yam, cassava, etc (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (Fish Class). The average annual rate of Food inflation for the twelve months ending June 2024 over the previous twelve-month average was 35.35%, which was an 11.31% points increase from the average annual rate of change recorded in June 2023 (24.03%).”

The report also said Edo (47.34 percent), Kogi (46.37 percent), and Cross River (45.28 percent) states spent more on food in June, while Nasarawa (34.31 percent), Bauchi (34.78 percent) and Adamawa (35.96 percent), recorded the slowest rise in food inflation on a year-on-year basis. On the other hand, Yobe (4.75%), Adamawa (4.74%), and Taraba (4.12%) states had the highest food inflation month-on-month.

NBS said states such asNasarawa (0.14 percent), Kano (0.96 percent) and Lagos (1.25 percent) recorded the slowest rise in food inflation on a month-on-month basis.

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