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Google Turns a Corner on the Charts – Buy Now

GOOGL appears to have found a bottom at its 200-day moving average


Google (GOOGL) — The largest Internet company in the world, which specializes in search and advertising, appears to have technically turned the corner following a two-month correction.

In April, Google completed a 2-for-1 split and issued Class C (non-voting) shares, trading under the ticker GOOG. GOOGL represents the Class A voting shares.

S&P has a 12-month target of $650, while the consensus median target is $662.50. Consensus earnings estimates are for $26.74 per share in 2014 and $31.63 in 2015.

Technically, GOOGL seems to have found a bottom at its 200-day moving average, now at $524, following a two-month downtrend. The rally could run into some resistance at $553, its 50-day moving average. So purchasing the stock under $540 with a stop-loss just below the 200-day moving average seems prudent. My trading target is $600, but long-term buyers could reap huge returns buying at current levels.

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