Google Stock Quote

The stock is showing signs of weakness. Seems that the $140 level is tough enough resistance to higher prices.

Take a glance at the 60 minute chart:

GOOG chart

Notice that the stock has declined a similar amount in the recent past - and then moved to higher prices. This price level is a likely level of support based on previous history.

With that said, if the stock forms a reversal bar at these price levels, then a long position is a low risk trade.

If the stock continues lower, then this will be the largest price decline since the stock started it’s most recent run up from ~$100 to almost $140.

Again, if the stock does move lower, the next level of support is at the confluence of retracement levels from two different time frames - ~$4 lower than the current closing price.

Here’s the chart:

GOOG price target

P.S. - Charts created using this program.