Tuesday, August 20, 2013

$GOOG support and rally

Last week I was posting about $GOOG and it's drop below the lower raising support line. The trade worked well into the end of the week. But this week, it is finding support at the 100s sma.  I am now looking at a trade higher off that line as the markets come back from the last few days of sell off.

After a few days below the 100d sma, it has found some strength the last two days to stay about the line. Today looks like a consolidation day as bulls and bears fight it out and we close right in the middle of the days action.  A strong market today will only give fuel to rally through the rest of the weak. 

Happy Trading.

No comments:

Post a Comment