Scott Redler: Breaking Down the Google Breakout

GOOGL's done pretty well in the past few days with a quick trip from $1160ish up to the $1183 area.

Let's break down the levels along the way,

In my Morning Note on Thursday, June 14, I said:

"GOOGL had a decent move from last Friday’s low of $1125 back to a high of $1155.64 before retracing lower. I’d like to see it hold $1138ish. If it does, it could make another attempt to take out $1160 in the sessions ahead."

As you can see in the chart I made that day, it then put in a high at $1161:

Then I wanted to see if $1150ish would hold. GOOGL Invested in JD, and I wanted to see if that could help GOOGL get and stay above the $1165 trendline:

Then, GOOGL broke above $1170 -- a nice little move. 

It actually closed at $1183.58 on Monday.

As of Tuesday morning, I'm still  long and I want to see the $1160 area hold.

That would make it easier to stay in and possibly add if the market doesn't fall apart.