Google Stock Quote

GOOG has found what can be best described as “tentative support".

The 60 minute chart shows the stock forming a double bottom near the 62% Fibonacci retracement level of the advance from $161.31 to $182.95.

tentative support

The fact that the stock is starting to make higher highs on this time frame is an indication that the stock might move higher. The first hour of trading took out the Wednesday morning high.

Traders looking to take a long swing position will wait until the stock trades above Friday’s $174.88 high.

If filled, a protective sell stop goes no more than a few cents less than last week’s low of $168.47.