Google GOOGL Surges to New Highs on Earnings

Feb 2, 2016: 11:48 AM CST

Google (GOOGL) broke impulsively higher to a fresh new all-time price high today after yesterday’s better than expected earnings announcement.

Let’s update our Google (GOOGL) charts and take note of the new breakout in an ongoing strong uptrend.

First, take a look at last week’s post “The Bullish Breakout and Uptrend Continues in Google.”

In that post I highlighted the recent bullish reversal “up away from” the $700 level above the 20 and 50 day EMA resistance cluster near $750.

The breakout – on higher volume – set in motion the trade and expectation that price would continue traveling toward $800 – price achieved the $800 “Round Number” uptrend target today.

Note the prior two breakouts – and price surges – in July and November 2015.

Let’s pull the perspective back to the Weekly Chart for a larger viewpoint of the ongoing uptrend:

Shares completed multiple breakouts and impulse (surges) higher along the way.

Google remains in an ongoing, lengthy uptrend with higher highs and higher lows and a series of rising weekly moving averages.

The expectation is that price continues to trade higher as the uptrend extends.

Google (GOOGL) and strong stocks like it continue to confirm our core thesis that “stocks which are strong tend to get stronger.”

Continue trading into the upside action of strongly trending stocks like Google – and pay close attention to the $800 level and the ongoing departure from this level.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Google GOOGL Surges to New Highs on Earnings”

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