The final two occasions Google (GOOGL) pushed to a brand new excessive, worth collapsed.
Will this third time be the allure? Or will historical past repeat with one other short-term collapse towards help?
GOOGL is a well-liked inventory due to its volatility and is usually a favourite of choice merchants due to the excessive worth.
Nevertheless, merchants have been handled to good retracements and swings to new highs in 2017.
However, simply after the late January and March new highs, sellers struck and collapsed the worth decrease.
Buyers took shares to new highs, finishing a profitable retracement occasion.
However, every new excessive occurred on comparatively decrease quantity and momentum.
For GOOGL to maintain the highs and prolong towards $900, we’d like to see momentum and quantity rise with worth.
If you’re buying and selling right here, concentrate on the $875 degree, the potential for an extension (breaking historical past) towards $900, or the “history repeats” plan which requires a future promote swing down away from the $875 goal.
Frame your commerce when it comes to the “repeat history” or “this time is different!” plan.
Follow together with members of the Afraid to Trade Premium Membership for real-time updates and extra commerce planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade
SOURCE: Afraid to Trade.com Blog – Read complete story here.