Google Stock Quote

GOOG stock kept up the pace moving to new highs once again. While the stock has had an impressive run up, there are signs that a correction could occur soon.

Take a look at the 60 minute chart:

GOOG 60 minute stock chart

Tuesday started with a bang. The stock gapped up above the previous day’s high. That is a bullish move considering that Monday’s price bar was bearish with the close less than the open. From there, the stock moved up strongly each hour. Volume picked up also.

Wednesday started out strong - but, the stock made all of it’s move in the first hour of trading. Couple that with the fact that the volume was the highest ever, besides the first day of trading, and you have a setup that shows exhaustion.

Profit takers will likely exit long positions below Wednesday’s 60 minute $130.65 low on the 11:30AM bar. This isn’t necessarily the end of Google’s streak to higher and higher prices, but watching how the price acts if it drops below the $130.65 low will paint a picture of future price action.