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[Previous entry: "FibMaster Forex update June 25th"] [Main Index] [Next entry: "Question about "confluence"."]
06/26/2007 Archived Entry: "GOOG, Taking profits, buying dips.."
> Neal,
>
> I entered an Option on *GOOG * (Google) today which is on a surge for new highs. It ended strong w/ a potential to continue up again on Mon. My quest. is how do I use my Fibs to calculate it's next potential high level? There is no past history for this high as a reference point. Hope you can RSVP before Mon. as I still hold this position and expect to exit for the early profit.
>
> Thanks,
> John Click to see Google Chart 4-hour bars. Hi John, A lot depends on your trading time-frame. Looking at the weekly/daily/60-minute charts, I see some expansion resistance at 537.50, 538.75, 541.00 So the $530 area (approximate) is a possible resistance. The last three days (red bars) are not looking strong, but there is still a chance of another short-term rally, as long as the daily low of June 25th holds. FYI, if you look at a one-hour chart there is a great up-trend starting June 13, and on the weekly chart there is a great up-trend from waaaay back. If we get a pull-back to either of those, look to buy Fibonacci (SK?) support for potential bounces. I'll post this on my website, for others to see. -Neal.
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