Apr. 28 at 2:59 AM
$GOOGL The Breakout: GOOGL successfully broke above a massive overhead resistance ceiling sitting right around the
$340 level.
The Retest: Right now, technical traders are watching for a "retest." This means the stock might pull back slightly to that
$340 line. Because it broke through that ceiling,
$340 should now act as a hard floor (support). If it bounces off that floor, it confirms the bullish momentum and sets up the next major leg higher.
The Safety Net: If the market gets shaky and GOOGL drops lower, there is a massive fortress of technical support sitting right in the
$309 to
$317 zone. This perfectly protects your initial
$310 buy-in, meaning you are sitting in a highly defensible position even if the broader market hits a speedbump.
