Google Stock Quote

That’s right, GOOG is giving up some of those gains.

Step back for a minute and consider that the stock has run up more than 100% since going public. A little correction is more than overdue.

Google clearly broke through support today. The stock even gave traders another chance to exit long positions near the $190 level later in the day.

Guess where the stock found a low today?

Near the 62% price extension level. See the chart linked below.

price extension

Note: The price extension is the difference between the swing low at $190.60 and the swing high at $201.60 multiplied by Fibonacci ratios and then subtracted from the low.

Also, if the stock continues down from these levels, the next likely support level is at the 100% extension level at $179.60.

What also makes this a likely level of support is $180.00 is a previous low.

If the stock closes below $180 tomorrow, I’ll post another chart showing the next likely level of support …

GOOG didn’t even make an effort to respect the support level just above $190.

The stock gapped down to open at $188.25 today. Within the first ten minutes, the stock comes up to test the old suport level above $190. After getting rejected at that price level, the stock is down to $183.35 within the first hour of trading.

As I write this, GOOG has tested the $190 level again - and again was rejected. This intraday price action signals that the bears are in control for now.

As mentioned last night, I’ll be interested to see how the stock closes today - less than one hour from now.