GOOG could provide a quick bounce trade as it has fallen quite a bit (i.e.-near-term oversold) to make this 5th tag of the uptrend generated off of the mid 2012 lows. (Daily chart below):
GOOG daily April 25th
The positive divergence building on the 60 minute chart adds to the case of an oversold bounce off the daily uptrend line although from the looks of this chart, I wouldn’t be surprised to see a small amount of additional downside that takes prices below the daily uptrend line before a decent reversal. Overshoot of the daily trendline or not, I just took a long position in GOOG as much as a hedge to a QQQ short position as it is a bounce trade. Normally I have my price targets & stop levels identified before entering a trade but in this case, in particular because this partially a hedging trade, I will make those determinations depending on how the QQQ trades into early next week. GOOG will be added as both an Active Long Trade & a Long Trade Setup here around the 517.65 level.
GOOG 60 minute April 25th