Google—Triple Breakout Attempt in Play
10/21/2015 7:00 am EST
Chris Kimble, of Kimble Charting Solutions, takes a technical look at the chart for Google (Alphabet) to target the third time it has made an attempt to break above a key price zone. Chris also points out that if it were to become heavy at this price point, the case could be made that a triple top is in play.
Google (Alphabet) is now making its third attempt to break above 7-year rising channel resistance line.
At the same time it is facing a Fibonacci 161% extension level based upon its 2014 highs and 2015 lows.
This is now the third time Google has made an attempt to break above this key price zone. Will the third time be a charm?
Would be very bullish for Google should enough buyers come forward to create a breakout.
Google bulls do not want it to become heavy at this price point.
If it would, a case could be made that a triple top is in play.
By Chris Kimble, Founder, Kimble Charting Solutions