Thursday, August 26, 2010

Google Inc. (GOOG) - Tight 3 Day Range


Google Inc. (GOOG) will be on my watchlist tomorrow for a short term one or two day trade. As you can see in the above daily chart, GOOG is in a downtrend and is now consolidating. This is the tightest 3 day range we've seen in awhile and should trigger a  large range day once the stock breaks out. This stock also put in an inside day today which  adds to the potential for a large range breakout day.

Being that the stock market and this stock are both in short term downtrends, I'd much rather short a breakout to the downside than buy a breakout to the upside. Today Google Inc. (GOOG) closed at 450.98 which was down 3.64 from Wednesday's close. We'll see what happens tomorrow!





2 comments:

Anonymous said...

Awesome web site, I hadn't come across kevinsmarketblog.blogspot.com previously in my searches!
Keep up the excellent work!

Anonymous said...

Kevin,
does the Fri action count as up breakout?
If so, what would be a target?
Thanks!
jack

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