Friday, April 17, 2009

Google Upside Blow Off?(Chart)

Investors in Google need to be careful. This chart looks like an upside blow off. It also appears that shorts are heading for the hills. Short covering is actually helping propel the market higher.

The spike up and trade above the red line looks similar to the pattern occurred in February. Any downside reversal in the near term is likely to be negative. At the minimum I would expect to see 380 retested.

Google Chart 2 417
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