GOOG Price Channel
By Johns Wu on Jun 09, 2006
GOOG, Google Inc., popped up on my scan a couple days ago when it bounced off the 200DMA. This bounce occurred during a market selloff, so this is telling me that smart money is involved in Google stock.
GOOG is trading in a tight price channel and at a strong resistance right now. The trendline is getting resistance from both the channel and the 50DMA.
If GOOG can manage to breakout above the 50DMA, this will be a signal that there is an imbalance of supply and demand in this stock. Keep this one on your trading watchlists.
This entry was posted on Friday, June 9th, 2006 at 1:17 am and is filed under Annotated Analysis.
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