kungfuguo

Goog 2 Hour Study Chart 11/14/2013

BATS:GOOG   Alphabet Inc (Google) Class C
0
Since the ER, Google gapped up to over $1000, and has been holding steadily in the $1000-1040 range. It has tested $1040 three times. All failed. Support for each are labeled above.

Today, we broke through a down-trending resistance line (red dotted line). $1040 was again tested but failed to break though. We found support around $1033.

Things to note on this chart:
(1) potential bull flag forming from today's action. However, given that $1040 was rejected 3 times, each time with a lower lows, I will not go long until it break though $1042 with a decent volume .
(2) lower highs ($1040 comparing to $1041) and lower lows (Support 2 vs. support 3) on the 2 hour chart raise some concerns. One may potentially call it "head and shoulder formation (triple top), with head at $1041, and each of the shoulders at $1040. The neckline is $1000 (Support 4)

Disclosure: just sold to close Nov 1015 calls for a small gain. No position currently.
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