Channeling Profits With Google Inc (NASDAQ:GOOGL)
For the last couple of months Google Inc (NASDAQ: GOOGL) has been trading in a channel. The channel basically started back in early August at a low of $567.45 and since then the stock has been going up and down in this range. Each time the lower end of the band is tagged, the stock gets a bid higher. When Google Inc (NASDAQ: GOOGL) hits the upper end, traders take profits and the equity has a subsequent sell off. As you can see from the chart below, today was no exception as the stock gapped down to the low end of the channel and buyers came in to give the stock a boost. If this channel does break, then Google Inc (NASDAQ: GOOGL) stock is headed straight for the daily 200ma. However, if the pattern plays out then this stock could be headed for the 52 week high of $614.44. Have this pattern on your charts and channel some good money.
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