Maybe A Reversal
Just a word of caution, today’s price bar was a reversal to the downside. All the typical characteristics of a downside reversal: new high with a close less than the open and less than the previous high.
Here’s a chart to show you, GOOG stock
I’m not overly concerned about this being the end of the advance. Heck, just yesterday I was saying this advance is the real deal. And I “think” it is.
With that said, the price action indicates that we may be due for a reversal to the downside … possibly. Who here doesn’t think that a 13% advance in a week doesn’t deserve some kind of break. Come on, raise your hand.
No one, that’s what I thought.
All kidding aside, there have been seven consecutive days of higher lows. Eventually, that price momentum has to give in.
Let’s see what happens if the stock trades below today’s low of $484.20.
