Can Netflix Stock Bounce Off The Current Support?
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Netflix (NFLX) stock has lost 44.3% over the past year, trailing the 11.5% return of the S&P 500. For shareholders, the immediate concern is how much further it can slide. The shares currently trade at $62.34, testing a level where they found buyers and reversed course twice in 2024. So how far did Netflix stock climb from here those two times?
How Far Has Netflix Stock Bounced From Here?
The stock rose 93.7% after closing at $59.70 on May 6, 2024, reaching its highest close of the following year. Following a $59.86 close on August 5, 2024, the shares climbed 123.7% to their highest close of the following year.
These figures represent the bounces that worked, rather than a record of every dip to this price. Netflix has dropped into this zone just once since October 29, 2024, touching it on October 21, 2026. As of November 2, the stock had neither rallied 20% nor declined 5% from that day’s close.
What Would A Bounce Be Worth On $10,000?
Overhead resistance sits at $77.65, a level where a previous Netflix rally stalled. A $10,000 investment at today’s price would grow to about $12,460 if the stock returned to that ceiling. This represents a much smaller return than the typical bounce from this price in 2024, which would have turned the same $10,000 into about $20,870. Before reaching $77.65, the stock would first have to clear $72.61, another price where a past rally stalled.
| Level | Price | From today |
|---|---|---|
| Resistance: a rally stalled here once | $77.65 | 24.6% higher |
| Today | $62.34 | Reference price |
| Support gives way below | $59.22 | 5.0% lower |
The business behind those 2024 bounces looked different, however. Netflix was posting accelerating sales growth then, and today that growth is slowing.
Netflix Earns More, But Its Sales Growth Is Slowing
Netflix is retaining more profit from every dollar of revenue. Its operating margin reached 31.3% over the twelve months to September 2026. That is up from 29.1% a year earlier, marking the highest quarter-end margin in records dating back to late 2016. The stock still trades at 17.5 times its last twelve months of earnings, compared to 22.8 for the S&P 500. By the end of September, the company’s price-to-earnings multiple had been lower at only one quarter-end since late 2016.
Sales remain the weak spot. Revenue grew 16.2% from a year earlier in fiscal Q1 2026 before cooling to 13.4% in fiscal Q2. Growth slowed again to 11.8% in fiscal Q3, and management guided to 11.5% for fiscal Q4. Management also lowered its 2026 ad revenue forecast to $2.7 billion, down from the $3.0 billion it expected in July. Speaking on the October 20 call, management said the ads business was trailing its own aggressive target for the year, though it is still growing more than 80%.
What If Netflix Stock Breaks Below Support?
Support gives way below $59.22, a level Netflix has not closed beneath since May 3, 2024. Falling past that threshold would drag the shares below every close of the past two years, leaving no recent lower price where buyers stepped in. The underlying business pressure would be a continued slowdown in growth. Management said on the call that the U.S. is not growing as fast as it would like. It also said the gap in revenue per member between its ad tier and its standard plan without ads is narrowing, but still holds back revenue growth in the near term.
Netflix’s revenue growth for fiscal Q4 2026 is the measure to watch when the company reports in January 2027, alongside management’s first guidance for 2027.
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