Tuesday, January 03, 2012

Google breakout: chart update

Google broke out above some long-term resistance today. See the daily chart below.

Here's an updated weekly chart to show the longer-term view.

The stock had been trading in a rather wide sideways range between $450 (support) and its prior highs (resistance) near $645 since January 2010. 

Today, $GOOG cleared that resistance level with ease, soaring to $665.41 by the day's close. Not a bad trick for the first trading day of the year.