mukit1

Goog: Is that a bullish blowout or blow off top?

Short
NASDAQ:GOOG   Alphabet Inc (Google) Class C
Today's candle on google is a doozy. Way gap up and drop till the end of the day, closing way above Bollinger bands and extreme volume spike; all making of a blow off top condition. Next week, we could see some strength to go a bit higher, but, it should run out of steam first. These conditions call for a short, but have to be careful on a massive blowout situation. Next week, a small portion on a Put fly at the open might not be a crazy idea. Target back to $162 - $158 retest, with a hedge on the upside if it makes it to $182. Eventually, we might see the $144 gap close before the final leg up towards next year.

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