Watch this 2-day setup in GOOG
Jea Yu has been involved with
the equities markets for over 10-years. He specializes with intraday trading in
the U.S. equities and futures markets.To receive a free 7 day trial to Jea
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In my last article I pointed out the daily pups on
(
SIRI |
Quote |
Chart |
News |
PowerRating)
and
(
AAPL |
Quote |
Chart |
News |
PowerRating) that formed with upside targets sitting at 7.41 and 63.95
respectively on their upper daily Bollinger Bands. The next morning, SIRI and
AAPL both tagged their daily upper Bollinger Bands as yesterday’s pup pattern
foreshadowed the strong move. Pup patterns are when the 5-period simple moving
average stalls sideways as the 15-period simple moving average continues to
rise. Eventually, steam builds in the contracting trend channel to cause an
explosive breakout above the 5-period moving average usually with upside targets
at the upper Bollinger Bands.
There is another daily pup forming on
(
GOOG |
Quote |
Chart |
News |
PowerRating)
and
(
ADBE |
Quote |
Chart |
News |
PowerRating). GOOG has daily upper Bollinger Bands near 420 but they look to
be peaking so would look for a nominal target near 410 levels. The daily 5
support sits at 394. ADBE daily 5 sits at 32.90 with 33.60 as its daily upper
Bollinger Bands. The main key is that the daily 5’s hold against any daily
candle closes. These are typically 2 days patterns which will be very
interesting as we close in on options expiration Friday.
Be aware and be assertive. Good trading all!
Jea Yu