Google (NASDAQ: GOOG), Google's Chart Predicts a Breakout That Could Lead to Fast Profits

Momentum remains on the side of technology giant Google (NASDAQ: GOOG) despite the large gains already made in 2013. Following a big post-earnings rally in mid-October, the stock consolidated and is forming a tight bullish wedge pattern. This offers traders another juicy long-side breakout trade.
Tight patterns often lead to quick moves. A break to new highs would keep the momentum on the side of the bulls, while any break below the consolidation pattern would be equally bearish and serve as an automatic stop-out area.
The company reported third-quarter results after the close on Oct. 17, beating analysts' estimates on all fronts. Earnings per share (EPS) were up 19% to $10.74 from the same quarter a year ago, beating estimates of $10.34 by a good margin. Revenue was up 12% to $14.9 billion, slightly better than the consensus estimate.  (more)

Please share this article