$GOOG

(Click chart to enlarge)

(Click chart to enlarge)

Google bounced off the rising support and rallied for 6 points off its lows to close at 774.85  (-8.20).  This is the second trading day below the lower bollinger band, RSI 35 and 4 straight days of selling pressure.  I like Google here for a bounce, possibly 10-20 points.  I’m not saying Google takes out its highs from here, as it has a negative divergence on the weekly chart.  However, I think this is a short term oppurtunity to take some on the long side for a quick trade.  Disclosure: Long May 03 1013 770.0C 25.60.

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