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.
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