Google (GOOG)
By Thu, Dec 2, 2021
Season’s Greetings!
Black Friday and Cyber Monday might be over, but there’s still a whole lot of online shopping to do this month!
Most of us will use Google to find that perfect gift, giving everyone’s favorite search engine an extra boost to close out the year.
That’s a key reason why Google (GOOG) is today’s Chart of the Week.
Google (or Alphabet if you’re fancy) has a habit of consolidating and breaking out pretty regularly, and that pattern should continue with the current consolidation looking ready to pop with that extra holiday traffic!
GOOG is just under its September highs, and once it breaks that level it’s got great upside with limited risk.
Just the way we like it!
As long as we’re above that 2900 level, we are long with a target of 3450.
Below 2900 we’re just keeping an eye on it, but once it breaks that level we love GOOG for close to a 20% gain.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
