$GOOGL - Breakout above long term EMA
This badass had been downtrending throughout the past 12 months. Steadily respecting the 10 EMA (M) ... until it no longer did.
GOOGL
closed the month of March with a breakout above the 10 EMA (M). This breakout above an important threshold such as the 10 EMA can indicate that the momentum has shifted in the bull's favor ... which is not surprisingly supported by the structural change in the RSI (14) plot.
The not so pleasant news for the bulls is that there's not enough meat in this trade at the moment, since a logical target for such a trade, as highlighted in the chart, entails poor reward for the risk taken.
Should you nevertheless remain keen on taking a bullish trade here, perhaps you could consider taking profits partially on the highlighted target 1 and leave the trade open until it hits the stronger supply area highlighted above.
No matter what you do, remember to always manage risk with the utmost diligence and please regard it as the paramount priority.
Cheers,
Ruben / Tenacious Tribe - Back Tested Trading Strategies & Studies
GOOGL
closed the month of March with a breakout above the 10 EMA (M). This breakout above an important threshold such as the 10 EMA can indicate that the momentum has shifted in the bull's favor ... which is not surprisingly supported by the structural change in the RSI (14) plot. The not so pleasant news for the bulls is that there's not enough meat in this trade at the moment, since a logical target for such a trade, as highlighted in the chart, entails poor reward for the risk taken.
Should you nevertheless remain keen on taking a bullish trade here, perhaps you could consider taking profits partially on the highlighted target 1 and leave the trade open until it hits the stronger supply area highlighted above.
No matter what you do, remember to always manage risk with the utmost diligence and please regard it as the paramount priority.
Cheers,
Ruben / Tenacious Tribe - Back Tested Trading Strategies & Studies
