Good Google GOOGL Breaks to New 52 Week High
Mon, Apr 24, 12:11 PM ET, by Corey Rosenbloom
The last two times Google (GOOGL) pushed to a new high, price collapsed.
Will this third time be the charm? Or will history repeat with another short-term collapse toward support?
GOOGL is a popular stock due to its volatility and is often a favorite of option traders due to the high price.
Nevertheless, traders were treated to nice retracements and swings to new highs in 2017.
However, just after the late January and March new highs, sellers struck and collapsed the price lower.
Buyers took shares to new highs, completing a successful retracement event.
However, each new high occurred on relatively lower volume and momentum.
For GOOGL to hold the highs and extend toward $900, we’d like to see momentum and volume rise with price.
If you’re trading here, focus on the $875 level, the potential for an extension (breaking history) toward $900, or the “history repeats” plan which calls for a future sell swing down away from the $875 target.
Frame your trade in terms of the “repeat history” or “this time is different!” plan.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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