the_trade123
107 posts
msg #95613
- Ignore the_trade123 |
8/12/2010 9:31:46 PM
Hello all,
Could someone help me understand the current candlestick pattern for GOOG? the technicals indicate that the stock is headed down,. I was convinced till yesterday that GOOG is following technicals well, but today was a pretty good day with almost a 9$ run up intraday. This is very confusing. Moreover, since most of GOOG's ownership is institutional, it becomes even more difficult to interpret what will be the effect. Any comments? thanks
As always,
Trader
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alf44
2,025 posts
msg #95619
- Ignore alf44
modified |
8/13/2010 8:28:17 AM
howzbout this ...
"The Market" was DOWN ... alot ... on Wednesday (day before yesterday) !
GOOG gapped DOWN yesterday (as did the overall Market) ... about 8 bucks from it's previous Close !
GOOG statistically fills DOWN Gaps about 74% of the time !
The Major Market Index ETFs ... ALL pretty much filled their respective Gap DOWNS yesterday !
I'm not seeing why you're puzzled by GOOG's price movement !
It just did pretty much exactly what "The Market" did ... and what it statistically does 74% of the time !
Regards,
alf44
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the_trade123
107 posts
msg #95620
- Ignore the_trade123 |
8/13/2010 10:10:26 AM
Thanks alf44 for the answers. I am More interested to know the near term trend (say 2 weeks) as i am not a day trader. I am purely looking at Daily candlesticks and technicals on the daily chart. Questions such as "whether it will move towards BB, and go out of BB and then spring back up into the band". In such a case it is bound to hit the UBB within a short period of time as I have seen with GOOG before...
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alf44
2,025 posts
msg #95622
- Ignore alf44 |
8/13/2010 10:51:59 AM
...whatever !
GLTY
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