Now it looks like a push to January highs will be put on ice for a while as afterhours trading saw Google at $570 a share. So what can Google investors look forward too over the coming months?
While yesterday's close managed a break of $590 resistance it looks like this move will only push out the resistance boundary for the 3 1/2 month trading range now defined at support of $525 and resistance at $595.
Even with last night's disappointment there are levels of support within the range at $560 (good for most of March) and $550 (former resistance in February, spike low support in March - plus psychologically important). The chief concern is not to lose too much ground. If Google was to close around the $580 mark it could lead to a consolidation handle as sellers dry up. Sideline money would have to consider paying higher prices with the fear the stock could get away if $600 was breached. But if the stock was to close below $560 it would trap most of March and April buyers with losing positions, setting up a thick supply zone for any future advance into that zone ($560-600). If the overall market was to weaken then the risk of a rush to the exits and a test of $530 becomes much higher.
I have not offered a new Trading Idea as it will take a few days for earnings to work its way through price. A shorting opportunity would present on a close below $560 and a long opportunity on break of $600.
Trading Strategy Update
Three Profit Target Exits; 2 for a UK strategy: Carluccios (CARL) and Brainjuicer group (BJU), one for an Irish strategy: Glanbia (GL9)
Developing a Strategy
Developing a Strategy Long Entry for BA (NYSE) at $71.48
Frankfurt High Winners
New Long Target and Stop for BOS (Frankfurt) at €25.75 (EoD): Target €27.37, Stop €24.76
Long Unacted Entry for DPW (Frankfurt) at €13.28 (EoD): Entry signal given, but exited position on same stock too recently (14) days ago.
Long Exit at Trailing Stop for LEO (Frankfurt) at €17.59 (EoD)
Indian High Winners
New Long Target and Stop for ZEE (Mumbai) at INR297.6 (EoD): Target INR331.1, Stop INR286.0
Long Exit at Trailing Stop for ESRO (Mumbai) at INR145.9
Irish Oak
Short Exit at Stop for DCC (ISEQ) at €21.58
Relative UK
Long Confirmation Entry for POLR (London) at 88p
Long Exit at Profit Target for BJU (London) at 164p
Long Exit at Profit Target for CARL (London) at 102p
Tri-Indicator Irish
Long Exit at Profit Target for GL9 (ISEQ) at €3.20
UK High Winners
New Long Target and Stop for BJU (London) at 161p (EoD): Target 182p, Stop 157p
Long Confirmation Entry for CCAP (London) at 17p
New Long Target and Stop for FDSA (London) at 1453p (EoD): Target 1640p, Stop 1416p
Long Confirmation Entry for NARS (London) at 83p
New Long Target and Stop for CHNS (London) at 373p (EoD): Target 429p, Stop 371p
Long Exit at Trailing Stop for JD. (London) at 725p
New Long Target and Stop for APF (London) at 260p (EoD): Target 278p, Stop 252p
Long Confirmation Entry for POLR (London) at 88p
US High Winners
Long Confirmation Entry for BA (NYSE) at $71.48
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