Carolyn Boroden Analysis: Applying Retracement Analysis to GOOGL
Review of GOOGL trading action setting up for a new move
In this week’s video, Carolyn Boroden reviews GOOGL which has been consolidating nicely and may be setting up for a new move on the daily if the market is able to stabilize. GOOGL has made a series of higher highs and higher lows on the daily chart and remains bullish if it holds above the September 15 low. The recent low was made at a confluence of levels, including 61.8% retracement and symmetry retracement of prior declines. Zooming into the 30-minute time frame shows an additional confluence of resistance levels in the 591-593 area, which the stock was rejected from yesterday. If the stock is able to clear this resistance, it could lead to a bigger move on the daily.
