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Possible Bearish Inside Day Candle Pattern Detected for Google (NASDAQ:GOOG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Google (NASDAQ:GOOG) based on the price action in the company's shares. Today's price range of $692.80 and $696.94 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Google may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Google has overhead space with shares priced $693.23, or 16.2% below the average consensus analyst price target of $826.85. The stock should run into initial resistance at its 200-day moving average (MA) of $696.56 and subsequent resistance at its 50-day MA of $727.30.

In the past 52 weeks, Google share prices have been bracketed by a low of $515.18 and a high of $789.87 and are now at $693.23, 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

SmarTrend is tracking the current trend status for Google and will alert subscribers who have GOOG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle google

Ticker(s): GOOG