Monday, May 17, 2010

Watch Google Inc. (GOOG) - Inside Day

Monday was a quiet day for Google Inc. (GOOG) as you can see by the inside day that this stock made today. An inside day is simply a day which has a higher low and a lower high than the previous trading day.

The reason I look at inside days is because many time they trigger a breakout causing a trend day which is exactly what short-term trades desire.

The 520 level is an area which I've written about repeatedly and as you can see it's been holding so far. Having said that, I will watch for a breakout of Google's inside day's trading range. I would prefer to see a breakout to the downside because overall I am bearish on the market so I'd rather short stocks right now than buy them.

Today Google Inc. (GOOG) closed at 507.97 up .44 from Friday's close.

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