Double Inside Day
GOOG put in a rare double inside day.
Today’s price range occurred within yesterday’s price range. Yesterday’s price range occurred within the previous day’s price range.
Considering that the stock was up significantly over the past week after reporting earnings, this price action is not altogether surprising. What will be interesting to see is which way the stock breaks out.
Based on the upside momentum, the stock can be expected to move higher. Trading above today’s or yesterday’s high is a typical low risk entry price for a strongly trending stock. As always, traders who plan on keeping money in their account will use stop loss orders accordingly.
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