Monday, January 24, 2011

The Power Of The GOOG: Can 642.96 Be Overtaken? (GOOG)

Google weekly chart.. notice volume and trend divergence 
The chart above is a weekly chart dating back to March of 2009. The reason i picked this chart/time frame is because of the large ascending triangle formed over the past 1.5 years. Clearly the highest print is 642.96, on this time frame, though after earnings were release i did see prints up at 653 on multiple data sources though have yet to confirm if the prints were real.

To be honest i do not really care about moving averages when looking at this chart because the volume and price action tells the story.. we have declining volume and a rising trend, with higher volume on
selling candles which are easily seen with Heikin Ashi candles. Today's clear rejection of primary broker dollars which most other beta tech ate up; such as apple gave me a few signals. The signals were there is a clear seller and Eric's exit package and quick exit is not something long term share holders were to fond of. The billion dollar question is, will 600 hold?

Or will 642.96 be taken out on the upside as buy programs push this market over 1300 like a plow through mud? It it not up to us, it is up to "them".. trade what you see...