Google Inc (GOOG) has accomplished the unthinkable via a massive overnight gap (no chance of that being filled today!) due to earnings, which has caused the stock to shatter resistance, confirm a higher low, make a higher high, and confirm the stock as likely emerging into a new uptrend.

According to an Associated Press article this morning, “Google won back Wall Street with first-quarter earnings and revenue growth that surpassed analysts’ predictions, propelled by an aggressive push outside the United States.

The pleasant surprise, delivered late Thursday, lifted Google’s recently sagging shares by nearly 17 percent, or $75.89, to $525.43 at the open of trade Friday.

“This is mostly a relief rally,” Stanford Group analyst Clayton Moran said. “People are relieved that things aren’t as bad as they thought.”

From a technical analysis (charting/visual) perspective, the stock has cleared the resistance via the 50 and 20 period daily moving averages I discussed earlier, and has also confirmed a higher low and – no doubting this one – made a higher ’swing’ high, which has confirmed the stock into a new uptrend, albeit the confirmation point ($490) was well exceeded. I mentioned if the stock could solidly break $500, the bulls would be happy and – as long as they can keep this gap from attempting a fill over the next few days or weeks, I would say this stock has new life to it.

Keep in mind that the stock gapped up into potential resistance via previous swing high and low levels.

Let’s glance at the weekly chart, which has price going into moving average resistance there:

I have to admit, even though I thought Google would be going higher, I had no idea it would go this higher this quick. I bet a lot of traders where impressed (or shocked) by this development.

Volatility is back!