Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Google Inc GOOG shares were trading higher by $10.22 (1.8 percent) at $557.50 in Thursday's session.
The issue has rallied over its major resistance at $550.00. This represents the highest level for the issue since it peaked at $556.98 on November 5.
Related Link: Expert: YouTube Could Be Worth $40 Billion If Spun Off Google
Since mid-December, Google has been stuck in a $500-$540.00 trading range, finding support and rallying when dipping under $500.00 with rallies failing at the $540.00 area. The recent rally past the top of the range has taken place even though the company missed EPS for the fourth quarter in a row and missed on revenue for the third time over that same time period.
Since making the intraday high, it retreated to $550.75 before rebounding again.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
