Today we'll analyze the Stock GOOG for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 443.01$ (03/13/08) to 419.87$ (03/17/08) a 23.14$ move
2- The current bullish trend started from 419.87$ at 03/17/08 and is currently trading at 433.55$.
3- The stock current support level is at 431.44 which is the 50.00% fibonacci retracement of the last 23.14$ move.
4- The stock current resistance level is at 434.17 which is the 61.80% fibonacci retracement of the last 23.14$ move.
5- According to ADX, the trend is currently strong bearish,which is becoming weaker.
Short term chart patterns :
6- The Stock formed a 121$ height triangle which was broken up at 439.16 in higher than usual volume, target of the pattern is 560.16.
Mid term chart patterns :
7- The Stock was resisted by a resistance line, identified by two points: 534.62 and 710.84 that was broken up at 439.84 transforming into a supporting line.
Long term chart patterns :
8- The Stock formed a 250.27$ height triangle which was broken down at 685.33 in higher than usual volume, target of the pattern is 435.06.
Conclusion:
GOOG was trading in a strong bearish wave, which is becoming weaker .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .
Resistance Levels: 434.17, 443.01, 449.30, 457.31, 560.16, 794.78.
Support Levels: 431.44, 430.32, 428.71, 428.32, 426.71, 425.33, 425.10, 420.11, 419.87,.
We Moved!!
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Friday, March 21, 2008
Google (GOOG) Technical Analysis
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Shadi
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