GOOGL 688.30 - Neutral – Consolidates under a new record high

GOOGL gapped up to post a new record high at 713.33 (July 22, 2015) before consolidating. The overall structure remains bullish. However, the near-term market weakness cautions for consolidation to relieve the overbought condition. The 651.55 range low (near 38.2% of the 539.54/713.33 rise) provides the immediate support. Below lies the 604.50 gap low (July 16, 2015 high, near 61.8% of the 539.54/713.33 rise).
Outlook:
Short term: neutral
Long term: bullish