Mike has posted a Mid-Day Minute on GOOG on his MPTrader site, noting: Is GOOG's EKG Chart Nearing Some Sign of Life? Hard to believe, but Google Inc. (GOOG) has been in a sideways, very messy, range-bound pattern for nearly 15 months after it peaked at 614.44 in Feb 2014.
Even the 200-Day EMA has a horizontal "slope," which tells us what-- that around 525-550, GOOG is in equilibrium?
That said, let's also be aware that if we look at the big picture, and go back to GOOG's Nov 2008 low at 123.67-- and see the huge upleg to 614.44 high in Feb 2014-- a five-fold increase, then perhaps its sideways action during the past 14 months should be considered a "digestion period" within a still-dominant bull trend.
If that proves correct, then whenever this digestion period is complete, GOOG should be off to the races towards new highs projected into the 650/90 target zone.
The question is, what now?
My sense is that GOOG established a significant corrective low at 487.56 on Jan 12, 2015, and all of the action for the last 5 months represents preparation for the emergence of a new upleg.
Within that analysis, my nearer-term work argues that GOOG should turn up either from just above 522-521 support, or from the vicinity of 500.
Only a sustained break of 487.56 will invalidate my currently "promising" outlook.
Mike has posted a Mid-Day Minute on BABA on his MPTrader site, noting: BABA's Reaction to Earnings Morphs it Trading Range into A Bottom - In just a few minutes after earnings were released this morning, which showed BABA beat on both EPS and revenues, and is making an important change of CEO, the stock rocketed over 10% across it entire Feb-May trading range, from 80 to nearly 90 so far, which effectively morphs the trading range into a major base-bottom-accumulation formation that will have the potential to propel BABA to 100 in the days/weeks ahead.
Purely from a technical perspective, weakness into the 86 to 83 support zone should be considered a buying opportunity in BABA.
Mike has posted a Mid-Day Minute on TWTR on his MPTrader site, noting: TWTR: Has it Completed a Near Term Correction? Earlier this afternoon, I entered a new long position at 49.07 after Twitter, Inc. (TWTR) pressed to a new corrective low at 48.66 off of its March 25 high at 52.20.
The fact that TWTR “bears” had a chance to inflict more series damage by pressing TWTR further below the prior pullback low at 48.870--and below the Jan-Mar support line at 46.60--but failed to do so, was an indication that the correction might be exhausted.
So far, TWTR has climbed to the 49.60/65 area in what is looking like a significant, near-term upside reversal.
That said, my work needs to see TWTR trade (but not necessarily sustain) the 50.00 level to trigger signals that TWTR has ended a correction, and is in the initial stages of a new upleg that projects to 54.00.
Mike has posted a Mid-Day Minute on HAL on his MPTrader site, noting: HAL Appears Poised for Continuation of Recovery Rally All of the action off of the Halliburton Company (HAL), Feb 17, high at 45.99, looks like it completed a correction into this morning’s low at 41.81, which, if accurate, means that HAL is in the infancy of a new recovery upleg that projects to 49.00-50.00 in the upcoming weeks.
That said, to start to get some real upside traction, HAL must climb above 43.20/.25.