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I noted a few days ago that Google stock was trading in a descending triangle pattern only to see it surge briefly to the upside. It now turns out that the original descending triangle is still in tact, only it is taking the shape of a more extended form.
Once the stock dips below $480 watch out. On the three-month daily chart below, the DMI and MACD say to sell in the short-term. If you are long on this stock we may see a pullback to $460 before finding strong support.
The good news is that Google’s daily MACD appears to be closing in fast on oversold territory as the stock is not pulling back as fast as the orginal “pop” in price in the month of October. Stay tuned…this could get interesting.
Click here to read up on a December 12th, 2006 article titled, “Google unveils unorthodox stock option auction.”
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