Netflix (NFLX) : 5 min chart, letter ‘h’ again

Major indices are moving up today.

However, we are seeing a possible retracement on NFLX.

On the 5 minute chart, a letter ‘h’ is forming again; similar to the one on July 29.

The only difference is this time the kumo resistance is nearer (even on the 5 minute chart) and it is fairly thick which suggest heavy resistance ahead.

A break below 101.70 could see the beginning of a drop again for NFLX.

By iam802

Trend trading with Ichimoku