Google, Inc.(NASDAQ:GOOG) Technical Analysis Ahead of Earnings


Google, Inc.(NASDAQ:GOOG) shares have been stuck in a tight range for the last several months and it is that range that is the primary technical feature ahead of results to consider. This “stair step” approach of long periods of consolidation followed by a sharp repricing of shares is typical of its price behavior.

At the low $550 has been an important zone of support. At the high the $600 area has been resistance. For price, a move above $600 would be bullish particularly if the stock broke away from $600 with retesting that area. That would put the stock on track to exceed its life high at $615.05. Similarly, given the importance of $550 as support a breakdown below that price without retesting above it would likely mean a move to $500 was in the cards.

That level, $500 on the upside and support at the $460 area at the low could define a new lower trading range on unexpectedly weak results or outlook. The shares spent considerable time at or just above $460, so it should behave even in a major shock as support.

Analysts have a consensus price target of $675 on Google, Inc.(NASDAQ:GOOG) which indicates a 24.85% upside. The consensus rating of the stock is a BUY with a score of 2.75. There are currently 1 Hold Rating and 3 Buy ratings on the stock.

The most recent analyst action consisted of Jeffries reiterating their BUY rating with a $700 price target on the stock.

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