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).
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...
Xander3
⋅
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.