The Bullish Breakout and Uptrend Continues in Google GOOGL

Jan 29, 2016: 1:34 PM CST

With the market bounce continuing today, Google (GOOGL) – one of our “strong stocks getting stronger” – also broke higher above resistance to trigger a new breakout.

Let’s quickly update our Google charts (we still refuse to call it “Alphabet”) and plot the next pathway:

As noted previously, the $700.00 per share level was the downside target low (achieved) and the critical “Make or Break” support pivot.

Ultimately shares held support and buyers stepped in aggressively to rally the stock up away from $700.

From there, price retraced to the first target – the 20/50 day EMA overlap – at $740 per share.

This week price (buyers) broke firmly on higher volume ABOVE this key level to trigger the new breakout and extend the bullish swing (and ongoing uptrend).

Watch for a possible swing (pathway) higher “up away from” the $740 level “toward” $780 to $800.

Whatever additional methods of analysis you’re using, keep this simple level and price pathway in mind.

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Corey Rosenbloom, CMT
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One Response to “The Bullish Breakout and Uptrend Continues in Google GOOGL”

  1. Google GOOGL Surges to New Highs on Earnings | Afraid to Blog Says:

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