GOOG Hits A Fibonacci Target
About a month ago, June 5th to be exact, I suggested that Google’s stock might make a run for $547.21. Well, yesterday’s high came in at $548.74.
It has been quite a run up in the last 5 months or so, from the mid $450s to almost $550 now. Yesterday’s price bar looks like a shooting star in candlestick parlance. As such, this could be a local high. If yesterday’s price low at $540.26 gets taken out, especially if it happens soon, i.e. - today, don’t be surprised if the stock retraces the recent leg up OR at the very least chops around for awhile.
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