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Google Could Be Heading Much Higher

Mar 2, 2010 Stock to watch, Stocks On The Move, Technical Analysis, Trading Idea

 

Google - 03/02/2010

 

On January 4th, the first trading day of this year, Google (GOOG) shares hit a 52 week high of $629.51. The shares then promptly turned around and lost about a hundred points over the next month.

It seems that that correction is now over. The shares maintained strong support at $520 during the decline, hitting that level twice, but never going below it, and consolidating just above that mark over the past month.

Today, with a $10 gain in the shares, which has moved the stock to the $542 level, Google is the largest point gainer among S&P 500 stocks.

If we see an extension of today’s gains and Google shares clear the $545 area the next few trading days, then we could see the stock move much higher to the $580 area, although, we could see resistance at about $560.

If we do see continued overall market strength in coming days, traders may want to look at adding Google to their trading portfolio.

For those doing so, this is not a long term trading idea, as the market may continue to get hit by adverse news, economic or otherwise.

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This entry was posted on Tuesday, March 2nd, 2010 at 1:27 pm and is filed under Stock to watch, Stocks On The Move, Technical Analysis, Trading Idea. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “Google Could Be Heading Much Higher”

  1. Google Recommendation Follow-up | Navivest Stocks and Options Blog Says:

    March 4th, 2010 at 5:52 pm

    [...] days ago on March 2nd, we published a post on the Navivest blog, in which we suggested that based on technical analysis, Google shares could [...]