Surge into Breakout for Google GOOGL

Jul 14, 2015: 12:59 PM CST

Google (GOOGL) now joins a list of “Strong Getting Stronger” stocks in breakout mode.

Yesterday I highlighted tech leader Amazon and today we study Google.

Let’s jump straight in!

Like Amazon (AMZN), Google shares formed a sideways trading range (rectangle) through most of 2015.

However, the recent – expected – bullish rally “up away from” the $540.00 level resulted in a stronger than expected bullish surge toward the target near $580 which was the prior high.

Today, shares jumped above the $580.00 prior price high (rectangle) pattern target to create a breakout opportunity.

Volume over the last three days has been strong, confirming the bullish action.

Here’s the target and structure – bullish uptrend – on the Weekly Chart:

While Google shares were very strong going into 2014, buyers and sellers balanced each other and shares fell into a lengthy sideways trading range.

It took the same of a triangle with the $550.00 level as the “midpoint magnet.”

Today’s breakout pushes shares into the upper falling trendline and confluence near $600.00.

We’ll plan and manage our trades in Google (GOOGL) based on the $600.00 level and will reference it as a “bull above; cautious beneath” pivot.

If you’re looking for other “strong stocks getting stronger” like Google, see these prior updates:

Also, continue following and trading “strong stocks getting stronger” in this ongoing bull market.

Another Amazon AMZN Breakout to New Highs

Three Strong Stocks Powering to All-Time Highs

“Scanning Four Dow Jones Stocks at New 52-Week Highs”

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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 “Surge into Breakout for Google GOOGL”

  1. Rafi Says:

    Looking at these charts it’s pretty tough to say anything for certain about movement on these, I usually prefer to stay away whenever I feel confused about the market. At the moment it’s pretty special thing for me working with OctaFX broker, it’s an outstanding company with daily market updates, so that keeps me in with latest happening and I can trade easily using that service which is also completely free of any charges or hidden fees, so that makes it all so much special!