Big-tech valuation reset put Netflix recovery to the testNetflix, Inc.BATS:NFLXinkicho_exnessNFLX | 4H Technical Analysis — Apr 20, 2026 Netflix has been in a prolonged downtrend since the August peak near 130, grinding lower through a series of lower highs and lower lows across the entire second half of 2025. Price is currently trading around 97, with EMA21 (101.76) and EMA78 (96.24) forming a fresh bullish cross, marking the first structural shift after months of bear-controlled price action. The decline from the August high was persistent and orderly, with the EMA78 capping every recovery attempt throughout the fall. Selling accelerated into late January, with price flushing to a capitulation low near 76–77. The measured bounce from that low stands at 33.81 points (+45.03%), reclaiming the 91, 95, and 100 levels in sequence before pushing through to the current 108–110 area. EMA21 has crossed above EMA78, and both EMAs are rising, a constructive shift. However, the broader EMA78 (96.24) is still relatively flat, and price remains extended above it after a near-vertical recovery, raising the risk of a mean reversion pullback before any further upside. Key levels to watch: Resistance: 100 / 110 / 116 / 120 Support: 95 → 91 → 84 → 76–77 (capitulation low) Bear case: Loss of EMA78 support and a close below 95 would invalidate the bullish cross and reopen downside toward 84–88. Bull case: A clean break and hold above 100 would confirm the structural reversal. Follow-through targets the 110 zone, with the 116–120 prior breakdown area as the next major test.