Friday, June 04, 2010

Potential Support For Google Inc. (GOOG)


Above is a 60 minute chart of Google Inc. (GOOG) and in the lower panel is Google vs the S&P500. As you can see this stock is in a very nice rising channel which means we should be looking to buy at support. Support should form near the lower channel line if google sells off a bit more.

The ratio line in the lower panel is clearly in a strong uptrend which means google is outperforming the S&P over the past 2 weeks.. In fact, this ratio line just made a new high today!

Watch for possible support if this stock trades down to the lower channel line. Today Google Inc. closed 498.72 which was down 1.36% from Thursday's close.

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