Wednesday, February 07, 2007
Here are daily bar and 15 minute bar charts of Google. I last commented on GOOG here.
The market reacted more than I had expected but so far is holding support which I later estimated to be in the 465-68 range. The exact level which corresponds to a previous high is 468.58. (See my discussion of chart based support and resistance here. )
The market has traded sideways for a little more than a day now and I think a base which will support a substantial rally is visible. Even if the upcoming rally only matches the length of the last rally it would carry GOOG up to 494. But I expect this market to rally much more than that over the next couple of months. My upside target is still 564 and I suspect even this will prove to be too low.