GOOG - Golden Cross in the horizon?GOOG hit into a long term support zone (83-85) on 3 Nov22 and began to form complex basing formation in the past 5 months (with some similarities to Wyckoff Accumulation Pattern).
It now appears to be getting close to embarking on a more sustainable uptrend in the near future, perhaps Earnings expected on 24th of this month could be the catalyst?
Signs favoring the beginning of a sustainable trend:
1. Stock is now above the 200 day MA that has begun to flatten out
2. recent pullback was shallow (38.2 % retraement of it's most recent AB swing)
3. which was also a retest of the 200 day MA and suggested this MA is likely now a near term support (100-102).
It is now on the verge of retesting the high of 108.80 (the original breakup of the 200 day MA that subsequently failed) and the odds are getting better that it could break above within the next few days or week.
Let's see if this works out!
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
