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Fan Line Rest

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Alphabet (AKA Google) has had a rough three days, falling each day since its earnings came out on Monday. I noticed something interesting, however. Thursday’s low came precisely at the Fibonacci fan line.

This is one of a series of fan lines I drew a long time ago, and as you can see, the stock had steadily climbing up that particular fanline with virtual certitude. So this is either a fantastic time to go long a stock which has proved itself to have Herculean strength, or we’re very close to an important failure for the first time in a decade.

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