No, you are not experiencing deja vu. This week’s stock of the week is GOOGL, the same stock we featured last week.
Seven days ago we talked about that beautiful “W” bottoming formation and remount of the 50 day moving average. With the earnings catalyst out of the way, we can now safely look for good entry levels.
Let’s analyze the chart. That W bottom pattern is still in effect. While there was a remount and violation of the 50 day moving average, earnings again remounted that key level. Today we have pulled back into that range. An entry in the $522-536 range, should provide a good risk ratio.
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