Skip to content

AI predicts Netflix stock price for October 31

AI predicts Netflix stock price for October 31

In a sharp U-turn, Netflix (NASDAQ: NFLX) has seen a remarkable resurgence in the stock market during 2023, bouncing back from the slump it experienced in 2022 due to a decline in subscriber numbers. 

However, despite a promising year-to-date uptrend, NFLX shares recently faced significant selling pressure, plummeting to a fresh four-month low in the latest trading session on September 26. 

As uncertainty looms, investors are eagerly awaiting the trajectory of Netflix’s stock price in October. To shed light on the matter, Finbold delved into the realm of quantitative analysis, examining artificial intelligence (AI) prediction algorithms on CoinCodex.

According to the AI-based forecasts, NFLX is projected to trade at $380.46, implying a minor upside of 0.3% from its current share price. 

CoinCodex’s AI-based price prediction for NFLX price for October 31. Source: CoinCodex

Meanwhile, the algorithms set significantly more ambitious price predictions for their 6-month and 1-year forecasts, estimating NFLX to hit $613 and $885, respectively. 

NFLX technical analysis

When it comes to the technical overview of Netflix’s stock market performance, indicators on the platform pointed to a largely bearish sentiment surrounding the streaming giant. 

In addition, the gauge on the Fear & Greed Index is displaying 39 (Fear), while the stock registered just 13 green days in the past month, with a price volatility of 4.73%. 

“Based on our NetFlix stock forecast, it’s now a bad time to buy NFLX stock because it’s trading 42.97% above our forecast.”

– CoinCodex’s analysis states.
NFLX price forecast and analysis. Source: CoinCodex

On September 26, shares of Netflix slipped by a further 1.44%, closing just below the support level located at $379.25, which previously acted as a strong resistance. 

This threshold and the 200-day moving average (MA) at $368.5 form a confluence support, where buying pressure is likely to increase in case of further declines.

NFLX technical analysis. Source: TradingView

On the upside, the stock faces a confluence resistance zone between the $398.6 level and the 100-day moving average located at $411.

Buy stocks now with Interactive Brokers – the most advanced investment platform

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

Related posts