Wednesday, January 13, 2010

Google Sells Off On Heavy Volume



So far this year the stock market is off to a good start but GOOG on the other hand has gone straight down. Today GOOG gapped down lower but managed to rally just enough to close right on its 50 day moving average. The most recent trendline drawn off of the summer lows has been broken and the volume has increased dramatically to the downside over the past 6 trading days. Even though Google's long term trend is still intact, the most recent price action suggests that the technical picture is beginning to weaken.

3 comments:

Lee said...

Bad for the market? As well, I think they will have a excellent quarter BTW.

www.eminifuturesblog.com said...

I picked some Google up yesterday at 583 for my long term account. The only concern was, as you have pointed out, that the chart has weakened considerably. We'll see.
Good trading.
Tim

Anonymous said...

Any chance of some comments on USO at these levels.

Great site thank you

Mike

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