Bullish Bounce in a Range for Google GOOGL
Google shares (GOOGL) surged off a wider range support, creating a stellar trading opportunity.
What’s the trade and target levels now? Let’s update our GOOGL Daily Chart:
Buyers failed to push shares beyond the $800.00 level in January (trap) just as bears failed to drop price lower in February with a breakdown under $700.00.
Therefore the $700 (floor of support) and $800 (wall of resistance) levels have become the key levels for traders to target – and initiate trades – within the broader uptrend.
The most recent long/buy opportunity triggered off $700.00 per share earlier in March, setting up an initial target to the Midpoint of $750 (achieved just now).
A full “Range Bounce” Target extends to $800.00 which is the upper resistance price in the Range Pattern.
Whatever other analysis or indicators you’re using in your trades, focus on the “departure” from $700 “toward” the upper resistance level at $800.
Price is currently on a “bullish pathway” within this pattern.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
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).
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