GOOGL had an ascending channel that was broken to the upside recently, but it quickly failed and broke back below the trendline. I see fakeouts like this as very bearish, but I'll need to see some more confirmation first considering how bullish this stock has been.
I expect it to come back to the bottom end of the ascending channel at a minimum. If it breaks below that, we have a longer term trendline below that may provide a bounce as well. Things would get really bad if it broke below that, potentially all the way back to $150 and then we can see what happens from there.
If the uptrend and dip buying continues, I'd waiting to see what happens on a test of ATH.
I expect it to come back to the bottom end of the ascending channel at a minimum. If it breaks below that, we have a longer term trendline below that may provide a bounce as well. Things would get really bad if it broke below that, potentially all the way back to $150 and then we can see what happens from there.
If the uptrend and dip buying continues, I'd waiting to see what happens on a test of ATH.
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You reap what you sow.
VIP Lifetime Access Program:
ko-fi.com/c/0cb5bf9514
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
VIP Lifetime Access Program:
ko-fi.com/c/0cb5bf9514
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.