Hey traders, welcome to our new update on stocks. Not long ago, just around 3 weeks back, we highlighted a bullish outlook on Google based on a simple Elliott Wave view. We saw three waves down from the February highs, followed by a breakout above the downward channel after the stock reacted from our yellow box support zone.
Since then, we have seen a very nice and strong push to the upside, with price now already trading at new highs. At these levels, some may prefer to take profits rather than chase, or at least trail stops higher, as we never know how far the move can extend.
Looking at the updated chart, there is still room for a retest of the upper line of the impulsive channel, which could come in around 380 if we stick with the Elliott Wave structure. However, in the near term, there could be a pullback toward 330 as first support, especially ahead of earnings.
I hope you enjoyed this update. If you are interested in more US single stocks analysis, make sure to visit us and check our premium services.
GH
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