Don't Ignore This Chart!

Google (GOOGL) Holds Its Own

 | 

Google (GOOGL) has been holding a PnF support trend above the normal PnF major support trend.

Google is currently on a sell signal because it has made a lower low than the $580 level. Since breaking below $580, Google has bounced back up and back down. It is oscillating into a narrowing pennant. However, if we look at the longer trend, Google appears to like this support level higher than the standard trend line calculated by the PnF engine. Because it is on a lower low and has been unable to make higher highs, Google has a bearish target. It would take a break above the last column of X's at $595 to go back on a buy signal. In order for the PnF chart to make a higher high, Google will have to make it up to $600.00. While that would be easy to accomplish, Google is just at a precarious position of support based on the higher trend line which is parallel to the main PnF trend.

It is worth watching at this point. Google recently celebrated its tenth anniversary of being a public company. It has been a wild success story for investors so far.

Good trading,

Greg Schnell, CMT

Announcement from the Author

{{ announcement.content }}

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus