Close to the 50 Day - Google

Published on Wednesday, 29 February 2012 09:04 Written by TradersHuddle Wire

New York, February 29th (TradersHuddle.com) - Shares of Google Inc. (NASDAQ:GOOG) closed the trading day at $618.39 close to its 50 day moving average currently set at $615.24. Google's price action is just above this important support level translating into a trading opportunity.

Google Inc. (NASDAQ:GOOG) is a global technology company that provides a web based search engine through its website. Its automated search technology helps users to obtain instant access to relevant information from its online index. The company provides targeted advertising and Internet search solutions, including web, image, groups, directory, and news searches.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $564.55 and calculated resistance at $614.50. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Google will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.