NFLX, PSKY and AMZN Forecast – Media Companies in Focus on Monday

NFLX Technical Analysis

Media stocks look pretty active in premarket trading as deal cancellation grabs headlines. Netflix is dropping a bit in premarket trading, but it’s also worth noting that over the last couple of days, it has absolutely launched after it announced that it was no longer trying to get Warner Bros. Discovery, as Paramount ended up outbidding them. It just simply went beyond the valuation that Netflix was willing to pay and as a result, it looks like the market is rewarding Netflix for not outlaying the capital to purchase that company.

It does look a little soft in the early part of the session, but that makes sense, we had gapped so hard to the upside that it does beg the question of how much momentum we can keep up. I think this is a buy on the dip type of scenario. I’ll be watching closely right around $90, maybe even $88, for signs of support.

PSKY Technical Analysis

Paramount Skydance looks positive in the early hours, perhaps due to the fact that they won that bid. Ultimately, I think short-term pullbacks will end up being buying opportunities right around the $12 level. $10 looks like it’s a hard floor in this stock. This is a company that’s been in a lot of trouble for multiple years. At one point it was at $100 a share back in March of 2021.

AMZN Technical Analysis

Amazon finds itself negative in premarket trading, but I think this probably has more to do with macro than anything else. The $195 level continues to be a bit of a floor. If we can break above the $212 level, then it could open up a move to $222 and then finally the $233 level. Ultimately, I have no interest whatsoever in shorting this market and I do think that short-term pullbacks do offer opportunities, but you have to think about this from a longer-term move. Short-term moves will be volatile, especially in this type of macroeconomic environment and geopolitical environment, with the new war kicking off in the Middle East.