Netflix - 2021 highs only 3% away

Netlfix approaching a tough resistance point on the weekly timeframe. Having risen around 40% already this year, it’s only 3% away from the $700 mark, which is also the 2021 high that will most likely act as a barrier. Currently, the streaming giant’s stock is trading at around $678.34 a share. We can see that it prior to the $700 resistance, it faces resistance along the upper trendline of the rising wedge around $689. If NFLX can overcome $689 then a push to $700 will be more than likely. Investors and traders should remain cautious as a rejection along either level may lead to some profit-taking in the short-term, Perhaps a pullback towards the lower trendline of the wedge. The closest support level from here is the level of $626.12, a follow through could see the stock retrace as low as $611 (along the trendline). Nonetheless, the bullish momentum seems to be intact. The MACD is starting to turn positive and the RSI remains positive as it reads 69, not yet overbought.