Technology Stock to Keep on Your Radar; Google Inc.

Technology Stock to Keep on Your Radar; Google Inc.

Shares of Google Inc. (NASDAQ: GOOG) touched a low of $485 in mid-day trading before settling down 1.68% to $485.35, with volume at 1.37 million at the closing bell.

Year-to-date, the Google stock is down 21.64%. On July 6, the Google stock closed at $436.07, which is the lowest closing for the stock this year. Google’s 52-week low is $431.89. It was trading in the $620-$630 range in the beginning of this year. The stock’s 52-week high is $629.51.

After closing at $436.07 on July 6, the stock rebounded in the next few trading sessions, closing at $494.02 on July 15, when the company reported its second-quarter financial results. However, the stock dipped after that in the next few trading sessions, before rebounding again on July 20. The short rally continued for the next few trading sessions, with Google closing at $492.63 in the previous trading session. However, the short rally has come to an end as the stock fell in today’s trading.

Technical analysis shows that the Google stock is finding it difficult to break through $500 mark. The stock has reached close to this mark on a few occasions in the last two months. However, it has found it difficult to break through this resistance level. The stock has strong support at $482.04, at the moment. Google is currently trading above its 10, 20 and 50 day moving averages, which shows that investors are bullish on the stock, at the moment.

Analysts, currently, have a consensus recommendation of Outperform on Google The stock has 18 Buy, 11 Outperform, and 5 Hold ratings, at the moment.

Google’s second-quarter financial results were strong, despite the fact that the company lost some market share in China to Baidu Inc. (ADR) (NASDAQ: BIDU). Google reported second-quarter revenue of $6.82 billion, which represents a 24% increase from the second quarter of 2009. The company’s operating income, for the second quarter of 2010, stood at $2.37 billion, up from $1.87 billion reported for the second quarter of 2009. The company’s second-quarter GAAP net income came in at $1.84 billion, up from $1.48 billion reported for the same period last year.

Google’s second quarter saw the company making stride in every major product. Fundamentally, the company looks quite strong. The stock is facing some resistance at around $500, however, once it breaks this level we could see it climb further.

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