Google Inc (GOOG) has been on a powerful move up, surging from $440 to $600 in less than a month.  Following the upside $80 gap recently, the stock has impressed investors by adding another $80 points since the gap.  But let’s look at the current action to see if this is sustainable.

The price action has been nothing shy of stellar since March’s bottom near $420.

Google consolidated and formed sort of a saucer bottom (complete with positive momentum divergences) before launching into the stratosphere to regain lost ground.  The stock has continued higher without a significant retracement.

While the action of the last few days gives bulls hope, the stock did form a Dark Cloud Cover Candlestick formation, which typically is a sort of bearish reversal pattern.

Caution:  Candlestick analysis should not be heeded alone – confirm signals with other analysis before acting.

I’m sure most of us have been watching Google eagerly and with great wonder.  If you haven’t bought yet, I would gently suggest waiting for some sort of retracement, because as price surges higher, risk surges higher as well.

With the stock above its 200 period moving average, the bullish camp has more to celebrate, but it will be interesting to see how long they can literally dominate the sellers (bears) in the stock.  Keep your eye on this stock!