Google Stock Quote

Yesterday’s stock price bar was a bullish setup.

And what happened … the stock gapped up to new highs.

This price action should come as no surprise as the stock was at a likely level of support based on previous price swings. See this 60 minute chart with previous downswings marked off.

Google 60 minute chart

Now what? As bullish as yesterday was, let’s take a closer look at today’s price action.

Yes, the stock closed up, but the stock closed down relative to the today’s open. If the bulls are still in control of this stock, then don’t expect prices much lower than the previous swing high on October 7th at $139.88. Maybe as low as yesterday’s high of $137.61.

And interestingly, those recent highs correspond with the Fibonacci 38% and 62% retracement levels of the recent upswing on the 15 minute chart.

Google 15 minute chart