7/16 Monday

$560 Major Pivot

Well since Oct. 2011 until today (about 7 months), $GOOG kinda got stuck on that box I drew. (And if you look at your chart further down, it actually has been just everywhere last few years. Lot of gaps and up and downs.  Nothing really consistent)    With $GOOG, I tend to take profit whenever i can because you never know when this thing is gonna just reverse on you.

Last time when we hit that bottom pivot of $560, it had about $100 move back to $660.  And it came back down and now it tested that $560 pivot multiple times.  We are in this consolidation period but i think break is inevitable and imminent. Maybe the earnings will help us to break out of it and make this stock move.

so there are few entry points there for bullish and bearish side.  Below $550 bearish, above $605 or so for bullish.

Looking at Moving Averages, they do suggest more bearishness.  You can see that 100 & 200SMA is about to cross and if 100 SMA is falling below 200SMA,definitely supports bearishness there.  $GOOG is currently trading below all Moving Averages.

Oscillators don’t tell us whole lot.

BBands just moving sideways

Stoch giving us more bearishness

RSI & MACD sideways just resting

ADX completely reset and waiting for it to move.

ALL IN ALL, traders are probably waiting until after the earnings done to make a move.  Just kinda crawling around on that pivot area and we probably not going to see anything until after the earnings.  Will update more then.

7/29 Sunday : Target Reached- Expect Pull back

8/1 Wednesday – $637-$640 Current Resistance

Instant Double Top is what i would call this. Few days ago tried to push through that resistance and failed. Today we tried it again but failed.

All indicators/Oscillators are pretty much all over bought.  With market being bearish until end of the month, I believe we are going to come back and test $623 support and bounce back up.

Looking at moving averages, we still have so much bullish momentum so after testing $623 support, we are going to $650-$655 area.

And that’s where i would put my bullish trigger when it comes down to test that $623 support. Probably next week, we are going to set that up.

Will update later.