Just in line with the seasonal pattern GOOG has gained some 30% (after double bottom this summer). As seen on the chart last three bull markets started after summer bottoms and we are witnessing this model repeated again in 2012.
The seasonal pattern suggests that Google should form peak around end of December or early January and then should be followed by correction until next summer. Considering the fact that there are more than 3 months till year end there is room for more gains and probably the resistance line of the parallel channel could be broken. The support area for corrective move usually is some 10-15% under the 200 day moving average, $620-640.
BR, CapitalHubs.com
Comments
CapitalHubs
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GOOG update: the stock trading at price close to the target area suggested. As the correction was sharp there is room for short rally then back to the target area.
CapitalHubs
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Update: After reaching $775 GOOG probably reached its peak, though earlier than suggested by the seasonal pattern. Next target should be $620-640 area.
UnknownUnicorn13101
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Agreed.
Antg07
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Agreed.
jeffreysmith
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Followed.
HinduMVP
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Agreed.
HinduMVP
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Followed.
rickiellhodge
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Followed.
rickiellhodge
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Agreed.
joshuareese
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I'm watching the same thing but have technicals a little different. Looking for about 750 then a turn