First up is Google (GOOG), a stock that can't escape comparisons with Facebook. The social network is set to unseat Google's spot as the biggest internet IPO in history when its shares finally go public tonight. But Google has some worthwhile action going on in its stock chart. That's why traders should be paying attention to the symmetrical triangle forming in shares.
A symmetrical triangle is a pattern that's formed by two trend lines that are converging at the same rate. Typically, it's a continuation pattern, which means that it's a sideways move that's effectively a pause while traders absorb a previous move in a stock before continuing in the same direction. Since Google's last big directional push was up from its October lows, a continuation would mean more upside for GOOG. The buy signal comes when shares break out above that upper trend line.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV