Google (GOOGL) recently dropped the Google Glasses project at least for the time being. However, that does not mean everyone stopped looking at the company as an investment. Google has been out of favour as a stock for a while but recently a simple basing pattern has been building. There has been extensive price action in the stock in the $500- $540 range. What I find particularly interesting is the high volume on the right shoulder of a basing pattern.
Arthur covered GOOGL on his Tuesday webinar. He suggested a move through $540 should do the trick. I couldn't help but notice the breakout above the $540 today. It might be time to ogle through your glasses to Google. It looks interesting here. Merriam-Webster defines 'ogle' : to look at something in a way that suggests strong interest or desire. You'll have to take your own look. A $540 share is harder to buy for most investors.
Good trading,
Greg Schnell, CMT
