GOOG performed well with the recent tech run!! Can it last?
- GOOG, similar to many tech counters are hitting key resistances and when at resistance, a good practice is always to manage your risk actively. (e.g. don't go long at resistance, don't FOMO, wait for pullbacks to get it at improved risk/reward)
- GOOG is coming out of a MA5 / MA20 cross above ==> bullish trend (e.g. I sold puts at that convergence, e.g. 10 Mar)
- It is now outside of upper limit of BB and also getting rejected by MA200 (Purple) ==> I usually don't go long here, but I wait for pullbacks)
- It is also broken out of a range above 101 ==> So I note how it remains above 101 or break back into range
- I will look for 96/97 as a healthy pullbacks and will also remain bullish if price action continues to get stuck with the upper BB limit
- Note also the double bottom pattern also tops out at 104.
Will let my sold GOOG puts simmer abit longer. A negative FOMC will make me trim my long positions.
Good luck, all!
@TigerStars @CaptainTiger @Deposit @LMSunshine @melson
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