GOOG Stock
GOOG price closed at the high for the week. As a matter of fact, the stock closed at it’s highest level since October 2008.
Are we in for good times?
While the stock and the overall market has performed relatively well since last fall’s low, the overall move up has lacked … shall we say, a little “ummhh”.
The rally off of the low looks more corrective in nature than anything else. The rallies and declines are overlapping with no decisive breaks to the upside or downside. Still, the price movement is favorable for building a base to higher prices. At the very least, it looks like the downside momentum has slowed.
The 38% Fibonacci retracement is near the $437 mark – a price Google is not far from. A price – on a closing basis – that corresponds with the support of March 2008.
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