As Outlined in September, $1,000 Remains a High Probability Upside Target for GOOG
On September 12th we had a post titled “GOOG’s Day in the Sun is Likely Arriving with $1,000 in the Cards”.
In that post we noted GOOG was in the process of breaking out from a bullish ascending triangle pattern and that the logical upside target for the stock was $1,000, so long as it successfully re-tested the break-out from the triangle at a later date.
As the chart below shows, this is precisely what has happened, with a break-out from lines (A) and (B) occurring in September and a successful re-test of the break-out coming in late 2012.
We continue to believe the stock’s logical upside target is the combo of line (1) at the top of channel resistance which the stock has traded in since 2004 and 161.8% Fib expansion resistance formed off its 2007 highs and 2008 lows.