Google (GOOG) Gaining Strength, Breakout Imminent

Posted By Tate Dwinnell |  Subscribe in a reader | Comment 1

Due to meandering action over the past several months, Google (GOOG) hasn’t been a hot stock in trader circles for quite awhile (as evidenced by the declining trading volume) and that’s just the way I like it.  After all, big breakouts occur when most people aren’t watching.  That big breakout is coming very soon in my opinion.  As volume dries up, price has been getting squeezed at around 475.  Eventually, it’s gotta give.  The most likely scenario in this kind of formation is a breakout in the direction of the preceding trend which in this case is up.  One more high volume move from Google (which would indicate a breakout from this bullish triangle formation) and look out above!

Note: this chart snapshot was taken yesterday – this morning Google is breaking out of this formation.  However, I wouldn’t get aggressive on the long side just yet with the market a bit shaky up here.  Good place to begin dabbling though.

Disclaimer: I do have a long term position in Google and will be adding more soon.

google goog stock chart breakout

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