Shares of Google (Nasdaq: GOOG) seem to be bottoming out.
Chart Courtesy of StockCharts.com
The dollar has been getting the attention, but Google looks
to be getting a bit of sponsorship. The stock dropped some
17% is about six weeks. But since early February it has bottomed
and has fought its way back to just below its 20-day moving
average.
The stock is well oversold and has gotten some positive confirmation from the
MACD and RSI oscillators, which means that money is moving back into the shares.
Volume is starting to rise on up days, which is also a positive. And there is
virtually no real news on the stock, which means that money is coming in because
buyers like the price at these levels.
Two things have to happen to make this more than a short term trade. One is a
good close above 550. The other is that the stock take out the 580 area eventually.
For now, though, if you have a short term time horizon, Google may be a place
to look.
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