Google's numbers from a fundamental standpoint have always been good. We see no reason to alter our analysis that this is a winner Long Term for investors and traders. An eventual target of 1200ish is still our LT analysis.
As anticipated, GOOG has broken out to the upside of a wide trading range that has been traded for 2 1/2 years. It has taken 9 attempts from a weekly chart perspective to accomplish this. This shows exhaustion at this point on the part of short sellers and we should see increased short covering as price advances.
As we approach the all-time high, it goes without saying that there will be many LT Swing shorts waiting to re-enter their positions and we have identified the first range to initiate new shorts. The Short Entry identified on the chart is for LT Swing Trades only and does not apply to Medium or Short Term Swing trades.
As the all-time high is approached, keep in mid that overhead supply will diminish which means that all new LT Swing Short positions will be totally new untested positions with no prior resistance to count as a precedence for adding shorts. There will be an attempt by ST Long position traders to break resistance to new highs and we should expect increased volatility and/or volume.
Trade the chart and trade safe.
As anticipated, GOOG has broken out to the upside of a wide trading range that has been traded for 2 1/2 years. It has taken 9 attempts from a weekly chart perspective to accomplish this. This shows exhaustion at this point on the part of short sellers and we should see increased short covering as price advances.
As we approach the all-time high, it goes without saying that there will be many LT Swing shorts waiting to re-enter their positions and we have identified the first range to initiate new shorts. The Short Entry identified on the chart is for LT Swing Trades only and does not apply to Medium or Short Term Swing trades.
As the all-time high is approached, keep in mid that overhead supply will diminish which means that all new LT Swing Short positions will be totally new untested positions with no prior resistance to count as a precedence for adding shorts. There will be an attempt by ST Long position traders to break resistance to new highs and we should expect increased volatility and/or volume.
Trade the chart and trade safe.