Google Topping Out
Google stock did two things today.
The stock testing the top of the ~$10 trading range. And, is getting ready to test the low end of the range.
The first fifteen minutes of trading saw the stock take out the $200 barrier - if only for a brief time. From there, it was all downhill.
The post election stock market experienced euthoria right from the start, then settled in for the rest of the day in a relatively tight trading range before taking a little nose dive around 3PM eastern time - followed by a slight recovery.
Not GOOG though. The stock never experienced the end-of-day recovery that most of the market did. Instead the stock stopped shy of the bottom of the trading range that it has carved out the last few days.
I wouldn’t be surprised if Google trades below $190 tomorrow. What will be of interest is how the stock closes for the day.
If the stock closes above the $190.10 low, then the bulls have a very good chance of running the stock back to $200.
If the stock closes below the recent lows, then the stock could be entering a correction.
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