GOOGLE Weekend Update

• Google daily is trading in a descending channel.
• It seems this channel is being used to Fill the Big GAP in daily chart. Last week it was almost filled as shown in the second chart.
• Last weeks correction found support at the 38.5% Fibonacci levels.
• More upsides will be possible only on a good breakout above the channel in daily chart. 580 should be taken out and then the 23.6% @ 584 should be taken out as well for the stock to target 600.
• Support is seen at 553 levels if this breaks the GAP in daily chart will be filled completely. Stock may find support between 530 and 540. 50% Fibonacci level at 532 is a good support are for the stock.