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

By James Quinn

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 $764.66 and $769.75 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 (NASDAQ:GOOG) has potential upside of 8.1% based on a current price of $765.00 and analysts' consensus price target of $826.85. The stock should discover initial support at its 50-day moving average (MA) of $727.30 and subsequent support at its 200-day MA of $696.56.

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 $765.00, 48% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.04% lower over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Google on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $711.88. Since that recommendation, shares of Google have risen 8.4%. We continue to monitor GOOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle google

Ticker(s): GOOG