Google Stock Quote

Here we go …

Google has rallied off of the $176.29 low. Today’s high price was $196.36.

The next price level of resistance based on Fibonacci retracements is at $199.09.

Fib resistance

The $199.09 level is the 78.6% retracement level of the recent downswing.

It’s obvious that the other common Fibonacci levels did not stop this rally. So what’s to say that the 78.6% level will do the job?

To be honest, I don’t know.

What I do know is that the most recent rally started at the 78.6% retracement level of the previous rally. See the chart.

rally starts at 78.6% retracement level

History has an interesting way of repeating itself.

P.S. - Now that I have put my comments on the line, keep in mind that GOOG plans to announce earnings tomorrow.