Google – Potential Triple Top Follows Triple Bottom

By | April 26, 2015

Technical analysis is, in large measure, about finding repetitive price patterns and sometimes the inverse of those patterns. The daily Google (GOOGL) chart shows the stock making a triple bottom in December and January, which marked the low from which the stock rallied to its March high. That high was the first of three with the last made on Friday, all in the $585.00 area. This mirror image of the previous basing price action has the potential to become a triple top. If Google were to pullback, support is defined by the zone between $561.00 and $550.00, an area reinforced by the 50 and 200 day moving averages.

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