And Now The Test
Resistance becomes support. In an ideal world, this would be great. What I am speaking about is Google’s breakout above the downsloping 50 day moving average and recent pullback. Notice that the stock’s low for today and yesterday (as of the morning of 10 April 2007) is near the previous highs of last month’s breakout. An obvious double bottom just begging for higher prices.
If the stock is to find support prior to moving higher, then the $465 price level is where you would expect this to happen. Of course, there is a big, fat $5 gap between $459+ and $464+ that is just begging to be filled.
