From The Right Edge, Simple Swing Trades, Simple Trade Setups, Simple Trading

Simple Trading GOOG As of 28 May 2015 Close

GOOG W As of 28 May 2015 Close

Current Trend (W): UP

Abv/Below Value Zone: Inside

Next Scheduled Report Date: 15 July 2015 (the Ls)

52 Week High: $614.44

52 Week Low: $421.49

Current Relevant Resistance: $577.91

Current Relevant Support: $487.56

Recent Close: $539.78

Comment: I last wrote about Google in March of this year.  We have pulled back from the closing level at that time and the stock looks to be laying dormant waiting for a reason to explode out of its range bound action in one direction or another.  I assume the next move is higher given the chart’s current structure, but to the extent you are playing or decide to play this idea… that’s why stops were invented.  In my mind a break below the rising trendline and/or below support at $487.56 precludes consideration of additional attempts to get long for the time being.

 

KIS,

The Trader

 

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