Price action still bullish and still within the up channel.Indicators are pointing down.If price falls below channel use the FIB.numbers for price targets.Near term support is at the@.236 FIB
In post published five months ago I set target (the range $520-540) for Google based on the seasonal deviations and repeating patterns of the stock. Now the analysis proved to be consistent and Google reached $557 in late June. Still the target stays intact, however if broad market rally occurs we could easily see the tech giant trading above its 200 moving average ($602).
I view the chart of GOOG as vulnerable (again) to test the support level down at 570 to 550.
The heavy resistance area on the chart is just 1.5% above current prices and the support level is down 7.0% for a 1:4 ratio of upside potential to downside potential.
I will keep an eye on news as clearly the Facebook IPO is having a major effect on the trading in GOOG,...
Spotting repeated patterns usually helps traders and analysts to take their decision. In this connection interesting pattern in Google shares has occurred last two years. It provides investors with profitable opportunities as important entry and exit levels are determined easily.
The chart is suggesting either this recent distribution from the $600 level back down to the $500 level is either stage 1 of a bigger decline to break under the last 52-weeks worth of trading OR I will consider this an accumulation level if prices don not begin to decline under the $480 level in the next 5 weeks. There is a good chance also that a weak,...
