NETFLIX IN TALKS TO PURCHASE EGYPTIAN THEATRE; STOCK RISES ABOVE MA20
Netflix’s stock is currently trading at 365.67-higher by 0.26% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.43%. The stock has pared some of its earlier gains after the opening bell.
According to market sources, the company is in talks to buy Hollywood’s Egyptian Theatre. It would be the streaming company’s first theatre purchase. The worth of the deal is tens of millions. This will allow the streaming company to easily showcase films it wants to put up for Academy Award contention without dealing with traditional theatrical release windows.
The Theatre would also provide the company with space for red carpet events. If the deal closes, then Netflix will host weekdays programming and the current owner American Cinematheque will offer programming on weekends
On the technical front, the RSI is currently at 54.05% and suggests that the market can move in the upward direction. The current price is above the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 365.00 TAKE PROFIT AT 368.00 STOP LOSS AT 363.50