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.
AMGN – Amgen, Inc. - Leading human therapeutics company in the biotechnology industry, Amgen delivers important, cost effective therapeutics based on cellular and molecular biology. Shares of the biotechnological company break through the main bearish resistance line at $50.50 switching the overall outlook to bullish. From September 2005 peak at $86.50 prices started to weaken developing a customary pattern of lower highs and lower lows. The first wave of contraction encountered support at $64.00 where a double bottom put up a corrective up move which pulled back to $77.00 before resuming the downtrend. The second wave of contraction literally halved the shares value reaching the lows at $39.50 in March 08. Prices recovered quickly gaining back some ground to $66.50 before some profit taking took them back to $45.00, a solid area of support. A failed attempt to break through the previous peak bounced off resistance at $60.00 turning the movement down to previous support at $45.00. Lately prices penetrated the main bearish resistance line at $50.50 preparing for a ride towards the target set at $64.50. Relative Strength is positive in the short term predicting a possible outperformance for the near future. Open new longs and increase at double top breakout at $53.00 with medium term target set at $64.50. On the downside close all longs at penetration of the main bullish support line now crossing at $49.00 with possible contraction down to $34.50.
ROST – Ross Stores, Inc. – Shares of the off-price chain of department stores are closer to test 2008 peak at $41.50 before heading towards medium term target set at $50.00. The January 08 Low Pole pattern at $21.50 projected an upside target at $41.00 which was reached 9 months later in September 08 after an uninterrupted uptrend. Prices dropped breaking through the main bullish support line at $39.50 leaving no reasons to remain long. The movement reached support at $22.00, a level just above previous low at $21.50. The uptrend resumed penetrating key resistance at $30.00 at the end of December 08 with the triple top break out at $30.50. Last few weeks saw prices bouncing off resistance at $41.00 and turning down to $35.00 where support was found. The movement is now putting up a new attempt to penetrate 2008 peak at $41.50 which would trigger a ride towards new highs. Relative Strength vs the market is positive both long and short term implying an outperformance for Ross Stores shares. Stay long and increase progressively at double top breakouts at $40.50 first and then at penetration of previous peak at $42.00 with medium term target set at $50.00. On the downside close all longs at violation of the main bullish support line now crossing at $36.50 with possible contraction down to $33.50.