The price had unsuccessfully tested this important level during three trading sessions since the beginning of December. Shares marked an intraday high above $704 on Wednesday but closed at $697.56.
Above $700, technical levels in Google shares are sparse. In October the stock pushed over $750, but weak third-quarter results failed to support the price and the stock plunged to under $680.
Action in Google Thursday morning seems to be purely a momentum/technical move; however there are a few news items running on the wires.
In addition, Google last night announced a deal with Belgian news publishers.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Copyright Benzinga. All rights reserved.