Xander3

Will Google break the 2004 uptrend?

Short
NASDAQ:GOOGL   Alphabet Inc (Google) Class A
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On a logarithmic scale Google has been going up in a straight line since 2004. And recently testing the trend again. Will it hold this time? Some indicators (could) tell it won't:
- Daily RSI is relatively high, upwards potential is limited
- Weekly RSI is still declining
- A big gap from 2013 around 445 is still open
- Recent trend is downwards

Others could indicate otherwise:
- downwards trend will be broken within a week or two
- upper gap level at 485 has not been broken
- Good results at end of January may change direction

For now I'm expecting short, but I'm awaiting confirmation:
When > 550 or breaking the downwards trend line my target will be 610
When breaking the 2004 uptrend I set my target to the bottom gap level (445).

Comments

Probably will see 551 to test support lost then head down to 539ish before taking off en route to 579-582 to the leg start... There is a massive falling wedge...
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Xander3 play4trade
It seems it not going up just yet. I expect to see it test the 2004 trend line (507-504) within a week. Then wait to see if it falls through or rises up again.
For now I'm taking a short position with a stoploss at 537.
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