Have We've The Top In Netflix

Netflix Inc. NFLX shaers are trading lower by $13.30 at $95.10 in Tuesday's session. Despite a Q1 beat for EPS of $0.03 with a slight miss for sales, the issue is back under $100. The Street is concerned with its lowered Q2 EPS guidance as well as slower than expected international growth as well as no material updates on Netflix being available in China. This comes on top of then news from Monday, that Amazon.com AMZN will be direclty competing with Neftliz with its Prime service offering. The issue is now over $35 from its all time high that was made in December at $133.27. It did recover from falling into double-digits in early February, reaching $81.55 and rebounding to $111.85 last Thursday. The validity of that standing as longer-term high was reinforced by the other two lows in the same areas from April 14 ($111.28) and April 14 ($111.64), making a strong case for a triple top. Now that the issue has slipped into double-digits any rebounds may be muted as investors trapped long in the issue above $100 will be attempting to mitigate losses on any rallies. For now, the support at the $95 area is keeping a cap on the decline for now. At this time, the current intraday low at $95.05, coincides with a number of lows above and below $95 area from early March.