GOOGL Bear Pennant Formation
After forming a triple top at the upper trendline GOOGL went on a quick move to the downside and could now be consolidating before a further move. With the divergences present and candlesticks showing high amounts of selling pressure its possible that it will continue to the downside. The lower horizontal lines are levels of support to keep and eye out for or possibly take some profits.
If it does form a pattern similar to what I have outlined then the profit target could be determined by the height of the pole portion of the pattern. It just depends on how everything plays out. I'll be keeping an eye on this one and updating it as it plays out.
If it does form a pattern similar to what I have outlined then the profit target could be determined by the height of the pole portion of the pattern. It just depends on how everything plays out. I'll be keeping an eye on this one and updating it as it plays out.
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