December 5, 2010

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.

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