Google Stock Still Chopping Around
Yes, the stock closed higher today.
No, the price action was less-than-convincing.
The big picture is that we have a trading range between the low at $95 on the first day of trading and the high of $113.48 on the third day of trading.
The lower end of the trading range has not been tested … at least not yet.
What is interesting is that we have had three days of lower lows. Also, today’s daily bar is an inside bar.
Typically, a setup like this leads to higher prices. For tomorrow, traders will consider going long if the stock trades above today’s high of $107.95. My personal preference is to only trade a stock setup like this if the next day’s open is within the previous day’s price range, or gaps down. In other words, skip the trade if it gaps higher on the open.
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