Google (Goog) Continues to Launch New Services as the Stock Looks Set to Search for Higher Prices
I have recently took a position in Google (Goog) because of the leaders recent pullback, followed by the firming of the stock price demonstrated by the pattern of higher lows over the last couple weeks. This potential triangle pattern could resolve into a bullish signal should the stock price break out to the upside in coming weeks. There has been plenty of talk about the next big service/product the company will release. Two recent Google service/product announcements included the testing of their Web buying system that they claim to be unlike PayPal's and the new goverment search site. Anyone who follows Google knows that they announce new and exciting services/products on a regular basis making it very tough for Microsoft and Yahoo to keep up and grow at such an astounding rate.
On top of this, the Technology/Computer Services sector is starting to see a steady flow of institutional money begin to pour back into it. This is demonstrated by the graph above. Despite already having taken a position in Google, I would suggest waiting to see how the triangle pattern resolves before pulling the trigger.