Google shares testing important resistance area - analysis 26-05-2016

Google shares ended higher on Tuesday trades by (  5.18) point or (0.72%), as the price is trying to form a harmonic pattern that might push it to trade higher during the upcoming trades ahead 719.00 resistance and may extend, where the mentioned price represents the (B) point for the pattern, which if the price was able to pass it; the price will target the next resistance at 739.00 as the (D) point for the pattern.

To achieve the pattern’s target the price must pass 724.00 in order to target higher resistances, but the current trades heading to 719.00 resistance, which will coincide with facing SMAs 50 and 100, as the stability of the harmonic pattern’s scenario requires the stability of the (AC) trend line.

Its recommended to wait the stability above (B) point around 742.00 level to go for a bullish positions that will target 739.00 with stopping losses below 719.00 level.