Price holding steady ahead of the earnings report as it is the first of Big Tech to report

We can see that the price of Netflix’s stock has slipped out of the rising channel (blue), however, it is holding steady ahead of its earnings report due tomorrow. Currently, its share price is trading at around $620.16 a share. Based on the daily chart, the key support and resistance levels are now within the white channel. The resistance reads $634.21 followed by $638.96. With $648.96 being the 52-week high, a break above it could maybe lead to a push towards the $660-$670 area. Towards the downside, support reads $598.82. A break below this level may then see a further sell-off towards the area of $560-$570.  Looking at the technical indicators, they have faltered over the past couple of weeks on concerns of persistent inflation and a hawkish outlook from the Fed, as a result, some profit-taking has been taking place. The MACD is negative but the RSI is neutral as it reads 53.