Google Teeters At Key Support, Says Dr. Joe Duarte
Duarte added: The stock, along with the market is doing a dance these days, swinging from one end to the other with every new plan that comes out of Washington. But, over the last few months, despite the volatility, the stock has made progress, rising form a low near 250 in November, to a recent high of 380 in early February.
And why not? The case for Google as a company is fairly clear. It nearly owns the search sector, and the advertising that goes with it, which even during troubled times is significant, if you happen to be getting most of it, which is the case with Google.
In other words, it's good to be the king, especially during hard times. Still, being the king in the real world and being a top performer in the stock market are two different things. And despite its excellent position as a leader in its sector, there is no way to know what surprises are lurking for Google, as the times are clearly difficult for all companies.
To be sure, the technicals are strong enough for the stock to be considered for short to intermediate term trading. It's clearly adhering to traditional criteria for support, resistance, accumulation and distribution. And in this market, you can't ask for much more than that.
Duarte's conclusion: A move toward the 380-400 area is still possible if the market manages to hold up for the next few days.
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Duarte's IntelligentForecasts.com (http://www.intelligentforecasts.com) provides free news coverage and analysis, and his daily articles and news summaries offer recommendations and analysis for ETFs, and individual stocks in the technology, health and biotechnology, and energy sectors. Duarte has combined expertise in health care, energy, and the effects of politics and global intelligence on the financial markets offer a unique blend of insight and information to thousands of active investors and political and intelligence aficionados around the world on a daily basis.
He is the author of: Futures And Options For Dummies, Successful Energy Sector Investing, Successful Biotech Investing and co-author of After-Hours Trading Made Easy. In early 2001, in Successful Energy Sector Investing, he correctly predicted that Venezuela's political problems could lead to an energy crisis in the United States. He has also appeared as a weekly guest on Market Mavens Radio and has logged appearances on KNX radio in Los Angeles, Financial Sense.com radio, and Wall Street Radio.
One of CNBC's original Market Mavens, Dr. Duarte has been writing about the financial markets since 1990. His articles and commentary have been featured on CBS Marketwatch, Barron's, Smart Money, Medical Economics, and in Technical Analysis of Stocks and Commodities magazines. In 2003, Doctor Duarte received second place, in the professional section, of the Medical Economics Investment Challenge with a 12-month return of 42%.
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