Stock Finds Support At The 50% Retracement Level
Yesterday’s end of the day weakness spilled over into today’s price action.
Google stock couldn’t seem to keep it together for another day of gains.
While the stock opend higher than yesterday’s close by almost $2, the stock quickly caved into a round of selling pressure. It took all of about a hour of trading for the stock to drop from greater than $111 to a low of less than $103.60.
What’s interesting is that the stock stayed in the $130.57 to $106 level for the rest of the day making a triple bottom in the process.
The price low today is very near the 50% retracement level of the all time high and low. (I like to say “all time” even if it’s just four trading days).
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It seems to me one would need more that four days to achieve any type of retracement estimate.I
Comment by Dr. Joe Pollani — 25 Aug 2004 @ 12:25 PM EDT
Not necessarily if you are looking at intraday charts …
Comment by Dave — 25 Aug 2004 @ 9:08 PM EDT