Google Trade Opportunity

Google's price has been in a clear ascending symmetrical channel for almost 10 months now. The bias on this should be bearish, however, Google has just bounced once again off of the lower level of the channel thus confirming it as support once more. Downside risk is around 2.5% as a return to the lower trendline would not be out of the ordinary. A break and close below the trendline on the weekly will be enough to refrain from seeking any further immediate longs.
Your profit taking target will be the top of the channel which is currently sitting at around 12% to the upside.

Comentário:

It appears the leadup to earnings has been a nice boost to our GOOGL trade as the megacap stock continues to churn out all time highs in price. GOOGL for the most part of the year has been a staple of my own portfolio, and as long as it continues in this ascending channel on the weekly, I will continue to buy along the green trendline until the channel breaks and confirms.
Despite everything GOOGL has done so far our target is still the top of the channel which currently lies around $2939.