The first chart below is the daily timeframe of Google, obviously a premier name in the Nasdaq. You can see the falling wedge (purple lines) breakout today to the upside. After being a hot, widely-discussed issue earlier in the summer and fall, suddenly Google seems to have fallen off the radar with its fierce correction since early-October.
Nonetheless, the second chart below of the weekly timeframe shows that the breakout above a well-defined, multi-year level (roughly $630) is holding. The stock found some buyers right where it needed to last Friday and today. Of course, there is more work to do to solidify this clear level of prior resistance turning into firm support, which is why partial positions are favored over full ones here.
But a good first step it is.
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Thanks Chess. You always find cool pictures