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The Technical Trader – Google

May 3, 2010 Uncategorized

Google’s (GOOG) stock, which closed at $595.30 on April 15, have fallen to $530.60 (05/03/10). At current levels, the stock may not only have found support, but is also forming a triple bottom. Multiple bottoms are generally bullish technical signals and we could see Google shares rebound from current levels, assuming the stock market holds up.

On March 24, with Google having pulled out of the mainland China market, we posted a Google Baidu (BIDU) trade that recommended shorting Google and going long Baidu. Google was at $541.33 and Baidu was at $610.42. Google is down $10 since then and with Baidu closing at $708.99 on 05/03/10, we are up $98.57 in those shares. Obviously, we are closing out the Google short position here.

More on this topic (What's this?)
How serious was the attack on Google (GOOG) ? (Intelligent Speculator, 4/21/10)
Google trying to get US government support? (Intelligent Speculator, 5/28/10)
How to Use Google Trends as a Leading Trading Indicator (The Contrary Investing Report, 4/26/10)
Read more on Google, Baidu.com at Wikinvest

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This entry was posted on Monday, May 3rd, 2010 at 4:21 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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