Published on Tuesday, 05 June 2012 07:20 Written by TradersHuddle Wire
New York, June 5th (TradersHuddle.com) - Google Inc. (NASDAQ:GOOG) closed the trading session at $578.59, near its 200 day moving average set at $594.58. Google's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $568.35 and resistance at $637.85. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Google.
If traders want to establish a position on Google, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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