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GOOG – Google, Inc. – The global provider of internet search , e-mail , online mapping , office productivity , social networking , and video sharing services saw its shares raising above previous peak at $411.00 heading towards short term target set at $441.00. Since November 07 peak at $747.00 prices dropped sharply with a Long Tail Down patter which, in a matter of few days, reached $618.00. It also projected a downside target set at $387.00, a level touched in September 08. After pulling back to $723.00 and developing a pattern of lower highs the movement officially entered into a downtrend with the penetration of the main bullish support line at $597.00 confirmed by the double bottom breakout. The first wave of contraction found support with the double bottom at $414.00 before a corrective upmove bounced off $600.00. Prices resumed the contraction reaching the lows in November 08 in the area of $249.00. The oversold condition brought a solid recovery which violating the main bearish resistance line at $357.00 inverted the trend to bullish again. After a temporary drop to $291.00 prices turned up raising along the intermediate support line. Lately a piercing up thrust break through $411.00 peak clearing the way towards short term target at $441.00. Relative Strength vs the market is positive making it an outperformer. Stay long and increase at double top breakout at $468.00. Short term target set at $441.00 is at sight while medium term objective is positioned at $485.00. On the downside lighten at double bottom breakout at $384.00 and close all long positions at penetration of the main bullish support line now crossing at $366.00 with possible contraction down to $339.00.
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