GOOG Stock

GOOG price closed at the high for the week. As a matter of fact, the stock closed at it’s highest level since October 2008.

Are we in for good times?

While the stock and the overall market has performed relatively well since last fall’s low, the overall move up has lacked … shall we say, a little “ummhh”.

The rally off of the low looks more corrective in nature than anything else. The rallies and declines are overlapping with no decisive breaks to the upside or downside. Still, the price movement is favorable for building a base to higher prices. At the very least, it looks like the downside momentum has slowed.

The 38% Fibonacci retracement is near the $437 mark – a price Google is not far from. A price – on a closing basis – that corresponds with the support of March 2008.

Google Stock Rising

It’s about bloody well time. Google stock price is picking up from the low back in November 2008 near the $250 range to the current price just norht of the $400 mark.

The stock is above the rising 50 day moving average AND the descending 200 day moving average. If GOOG keeps this up for awhile longer (or at least maintains the current price level), then its good times ahead.

Maybe.

Or maybe not. The stock is well off its all time high near $750. Expect resistance near $410 as this previously represented support back in March 2008.

To be perfectly honest, this rally looks like a corrective up wave in a downtrend. Look at the price thrusts up – the previous up was about $130, the current previous up is closing in on the $130 mark.