Sunday, June 12, 2005

Google Update

In a previous post I had predicted that Google would reach 301 before any reaction of more that 20 points set in. So far GOOG has made it as high as 299.59. The hourly chart above shows that the advance from the last significant low at 175 is starting to loose steam.

GOOG has started to show a small rising staircase of highs. The first high was at 292.65 on June 1 near the ¼ point of the box at 291.60. The second high was at 299.59 on June 7 just shy of the ½ point of the box at 301.60. I think the next rally will carry the market up ¾ box or 30 points from the reaction low at 278 and end near the ¾ point of the box which stands at 311.60. This presents a target range of 308-311 for the next rally.

Longer term I think that GOOG has much further to go, at least to the 376 level.

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