Google (Alphabet)
GOOG approaching support, potential for a bounce!
GOOG is expected to drop to 1st support at 1170.14 where it could potentially react off and up to 1st resistance at 1220.67.
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GOOG long setupGOOG’s innovation outlook is neutral based on a current score of 96 out of 99, outperforming sector average. Insiders sentiment is negative. It is most exposed to LG Electronics Inc. as its supplier. Over the past 4 quarters GOOG beat earnings estimates 3 times.
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AMZN trend is dead, could collapse to 765.Just as GOOG and FB, the trend in AMZN is dead.
It's over for this growth stock for now.
Could see it decline to 1000 or even worse 765, where it would have very strong support in the form of high historical volume and probably a decade old upward trendline to resume it's mature growth trajectory.
Bearish Counter Attack on GoogleGOOGL Over the last two days printed a 2 candle pattern known as the "Bearish Counter Attack". See the linked attachment for diagram. It occurs when there is an up day, followed by a gap up open that is sold off, finally closing at the same price (or very very close) as the previous up day. As seen in image, according to this research this is a rare pattern that has produced down moves the next day 57% of the time, while an up move occurs 43% of the time. This might not seem like much of an edge, but it definitely adds up. In addition to this pattern, it appears that a short term uptrend support line was lost, then the retrace to and rejection occurred, which usually allows for a further move down. In this case I am thinking an out of the money put option is the play I like best, something like Sept 06 P1070, for sale around 100 bucks per contract. On the other hand, the 125 moving average has been respected in the past as both a support and resistance, and in this case it is sitting right on the 125. Above 1200 negates trade. Happy hunting and GLTA!! www.feedroll.com
"Joe's earning season preview" EP03 --V, BA, FB, GOOG, AMZN! It's the 3rd week and maybe start to feel a little bit improvement in my English speaking lol.
We got the following important names that I mentioned in this episode:
Mon: HAL, AMTD
Tue: BIIB, CMG, KO, V
Wed: T, BA, CAT, FB, PYPL
Thur: GOOG, AMZN (no time for MMM, INTC and SBUX )
Fri: MCD
So many want to talk about but I only got 20 minute in this video, hope everyone a great trading week yo!
Let's see how they go!