GOOG vulnerable
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, but their acquisition of Motorola Mobility could help them grow their business substantially going forward. For now, the support looks like it could be tested.
Cheers.
Tim
10:34AM 611.75 last GOOG
May 22, 2012
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, but their acquisition of Motorola Mobility could help them grow their business substantially going forward. For now, the support looks like it could be tested.
Cheers.
Tim
10:34AM 611.75 last GOOG
May 22, 2012
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