Make it or Break it. Look for ER and the 600 level.
Google has found a strong resistance level at $600, and just like $AAPL, it has not found its way to continue its ascending trend. The channel is valid, we are still in a long term uptrend move, but that resistance level is giving $GOOGL a hard time.
MACD shows a negative divergence, while the stock is making a multiple top pattern, MACD is showing a lower level and negative histogram values. On the other hand, stochastic has left the Overbought level and it’s heading down. The move it has during this month has made the stochastic not to descend too fast.
The Earning Report is going to define where it is heading, if a continuation to the upside or a break to the downside with the possibility of piercing the channel and ending the uptrend. Watch for the $600 level, in the meantime what we can expect is choppiness between 580 and 600.
I won’t be trading this pattern until after the ER defines the new direction of this stock.
MACD shows a negative divergence, while the stock is making a multiple top pattern, MACD is showing a lower level and negative histogram values. On the other hand, stochastic has left the Overbought level and it’s heading down. The move it has during this month has made the stochastic not to descend too fast.
The Earning Report is going to define where it is heading, if a continuation to the upside or a break to the downside with the possibility of piercing the channel and ending the uptrend. Watch for the $600 level, in the meantime what we can expect is choppiness between 580 and 600.
I won’t be trading this pattern until after the ER defines the new direction of this stock.
