Google Stock Quote

GOOG consolidate the recent gains. Today was an inside bar - today’s range was within Friday’s range.

Inside days are typically a sign of indecision with the current trend. As such, inside bars typically setup a low risk trade in the direction of the next breakout. What works well is to position yourself as the stock trades outside of the current day’s range - or for more confirmation and subsequently more risk - a break outside of the previous day’s range.

The 15 minute intraday chart shows the stock forming a bullish triangle - progressively lower highs and higher lows (I didn’t draw in the upsloping trendline, use your eyeballs). Be on the lookout for a break above the downsloping trendline.

15 minute chart

Notice that Google formed a similar pattern then moved more than $20 higher in just a few short days.

What also setups a buy situation is the recent decline on the intraday chart stopped right at the 50% price retracement.

Let see if the bulls can take charge of this stock again.