GOOGL Weekly Resistance| S/R Flip| Blue Sky Breakout

19 mai 2020

Evening Traders,

Today’s Technical Analysis – GOOGL – breaking a multi-year weekly resistance with strong volume. Consolidation and a retest of structure will confirm a new range.

Points to consider,
- Multiple weekly closes
- Strong volume
- S/R Flip retest (confirmation)
- Local high (blue sky breakout

GOOGL has closed consecutive weekly candles above structural resistance. this shows strength in price action as volume was considerably high at the point of break.

A Support/Resistance Flip will further confirm a true break as this will solidify the new support

GOOGL is in a strong multi-year bull trend, taking out the recent highs will establish a blue sky breakout.

Overall, in my opinion, GOOGL confirming an S/R flip will be extremely bullish. This will mean that the multi-year range has broken and price is likely to establish new highs.

What are your thoughts?

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And remember,

“The hard, cold reality of trading is that every trade has an uncertain outcome.” ― Mark Douglas,