Google Gone Mad
Great day for Google today.
Why you ask?
Take a look at today’s price action - and where it occurred.
- Outside day - today’s price low was lower than Friday’s low, today’s price high has greater than Friday’s high.
- Close greater than the open - can’t argue with this bullish price action.
- Reversal day - today was a reversal to the upside with today’s closing versus opening price action + the last week was all down days with close less than open for the last week.
- 200 day moving average - this dynamic price level has acted as support in the past. It helps that the stock has broken back above this on decent price action recently.
Of course, there is that huge up gap in mid-April 2008 that is itching to get filled. But let’s see how the recent high at $602.45 acts as resistance if GOOG gets back up there.
