GOOG (GOOGL) looking juicy for large breakout
I drew this triangle some time ago. After it broke below the wedge, I was hoping and thinking it would break back up into it, bounce around, and then break out the top. It is poised for a breakout to the upside that would break out of this rather large triangle. Of course, it could break down as well, but given it's a continuation pattern off of a bull run and given fundamentals, I expect a very nice breakout to the upside. (That being said, I'm a TA noob and would welcome feedback, especially given I've not heard much IRT a scenario like this where it breaks down out of a pattern and then breaks back into the pattern and resumes it.)
I rode GOOG for several years now on its bull run, but sold late last year to raise capital for some other plays. I've had a long position in GOOG since $1135 on 6/12, which I will buttress significantly (probably double) upon upside breakout of this wedge.
One concern is decreasing volume from 5/30 to 6/14 on price increase.
Another point of interest is the consistent stoch RSI resistance at 98-99. The price consistently corrected at those levels recently. However, it is notable that this is the first time stoch hasn't dived to sub-35, but rather bounced on ~70.
I rode GOOG for several years now on its bull run, but sold late last year to raise capital for some other plays. I've had a long position in GOOG since $1135 on 6/12, which I will buttress significantly (probably double) upon upside breakout of this wedge.
One concern is decreasing volume from 5/30 to 6/14 on price increase.
Another point of interest is the consistent stoch RSI resistance at 98-99. The price consistently corrected at those levels recently. However, it is notable that this is the first time stoch hasn't dived to sub-35, but rather bounced on ~70.