Google Stock Quote

Google stock has put on a good show.

On the first trading day of 2005, the stock made a new all time high hitting $203.64. The price never followed through and quickly reversed to the downside, dropping more than $8 the very next day.

The stock continued lower for a couple of more days until finding support at the $187.72 level on 6 January 2005. The price level corresponds with the double “tweezer” top that occurred on Friday, November 12, 2004 and Monday the 15th near the very same price level.

It’s been six trading days since the $187.72 low. What’s next?

Given that GOOG has been a star performer, my “gut” says higher prices.

I’m going to temper that feeling with some Fibonacci analysis.

That chart linked just below shows possible resistance near the $200.23 and the $200.88 level.

Fibonacci resistance

If you are interested in the analysis involved to determine those Fibonacci resistance levels, slide your mouse over to the right side of this page and sign up for the free Fibonacci lessons. These lessons spell out how those type of price levels are determined using Fibonacci analysis.

I’ll comment again soon, if and when GOOG gets near the $200.23 - $200.88 level.