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The resistance level stops Google shares rise - analysis 02-08-2016
Google shares ended Monday’s trading higher by about (4.09 point) or (0.53%) from the previous closure to pass 739.00 level reaching 775.50 resistance, comes after passing the level 685.80, which the price reached after it succeeded to achieve the target of the harmonic pattern shown above, which pushed it to trade higher during the previous trades passing 719.00 and 724.00 levels, where the mentioned price represents the (B) point for the pattern, as the price was able to pass it, to reach the next resistance at 739.00 as the (D) point for the pattern.
After the price succeeded to achieve the pattern’s target; it fell from 739.00 resistance to retest the bullish trend between (A & C) point for the pattern and then to pass that trend reaching 685.80 that represents (A) point for the pattern.
Generally; the price was able to pass 739.00 level, which pushed the price ahead the next resistance level of 775.50, as if the price was able to pass this resistance it will target the next one at 789.85, but the stability of the current resistance will push back the price to retest the support level 775.50 again.
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General Electric tries to pass the support - analysis 02-08-2016
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