Google stock (NASDAQ:GOOG) has been bullish for a
few months. It is common for the price to enter a consolidation territory,
remain there a little, and later break out higher in favor of buyers. This is
what is happening right at the present.
The price, which broke out above the upper
Trendline, has entered another consolidation territory. The market is moving
sideways and it would soon break out further higher. The RSI period 14 has
often stayed in the overbought area, showing the stamina of the stock. That
indicator is currently above the level 60, heading towards the level 70. The
price may reach the resistance line of 1300.00 this year. The dominant bias is
bullish.
Conclusion: I’ve
spent many years in trading profession, I’ve seen a lot of people who claim to
have a lot of knowledge of the markets but who can’t trade successfully. I once
thought that this stock was likely good; there seemed to be a lot of people who
were interested in it, but I didn’t feel I was one of them. But now I am
bullish on this stock.
Those who went long on Google since October last
year would have harvested serious gains. The market would still continue going
upwards.
This forecast is ended with the quote below:
“Unless
you are a scalper, trading quickly and automatically isn't a very good
strategy. It's much better to develop a realistic trading plan, and execute it
consciously and deliberately.” – Joe Ross
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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