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.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to

Follow Corey on Twitter:

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

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

  1. Naveed Says:

    I am so much addicted to this blog now, I always keep eye on the daily news and updates by this lovely blog because this is how I am able to understand about good trading opportunities. At present I am trading with OctaFX broker which itself is a fascinating broker with great features available which includes having low spreads starting from just 0.1 pips to high leverage up to 1.500 while there is also smooth trading platform to make trading easier.