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Netflix(NFLX - Get Report) is an Internet subscription service streaming television shows and movies. This stock is trading up 7.2% at $60.58 in recent trading.
Today's Volume: 6.6 million
Average Volume: 5.1 million
Volume % Change: 114%
Shares of NFLX are soaring today after Citigroup analyst Mark Maheny said the company's valuation is highly reasonable and he keeps his buy rating and price target of $120 on the stock.
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From a technical perspective, NFLX is ripping higher here back above its 50-day moving average of $58.72 with above-average volume. This move is quickly pushing NFLX within range of triggering a near-term breakout trade. That trade will hit once NFLX manages to clear some near-term overhead resistance at $59.72 to $61.42 with high volume.
At last check, NFLX has hit an intraday high of $61.65 and volume is well above its three-month average of 5,061,490 shares. If that breakout triggers soon, then NFLX will have a great chance to re-test or possibly take out its next major overhead resistance level at $66.65 a share. Any high-volume move over $66.65 will then give NFLX a chance to get into a gap from back in July that started near $80.