The search engine giant, Google Inc. or google.com as known to many, remains to be the most visited website at current and is followed by facebook.com. Anyway, I’m here to give my technical analysis update on the Google stocks after it had been more than 2 months since I did. Back then, the stocks were still at $459.61 and moving within a 4-month downtrend (kindly see it here). Things changed now, a week ago, the Google stocks broke out from the $509.25 neckline of the 4-month double bottom formation (could be a reverse head and shoulders for some or even a triangle) and went higher. It could now continue to head north and tap the 7-month resistance or even move pass above it. If the stocks breach that level and clears out that hurdle, the next resistance it could encounter is the 3-year resistance. On the downside, the neckline at $509.25 could be the immediate support. If the Google stocks further fall below that level, the next support could be the 21-month uptrend.
On the fundamental side, today could be a very shaky trading session for the US and Eurozone markets as well as for major currency pairs because the current data on the US unemployment claims will be out today at 0830 eastern time. Not only that, at 1000 eastern time, the US fed chairman Ben Bernanke will talk about the current state of the US economy and could give hint to its future monetary policy. These reports have huge influence in the traders/investors’ sentiments towards the market as it could determine where US economic recovery stands.