Google Stock Quote

What I said recently still holds true. The stock is making lower highs.

Here’s the thirty minute chart with the daily highs marked off for the last seven trading days.

lower highs

Friday’s inside bar gave way to lower prices. Day traders would take a short position as the stock traded below Thursday’s low. Inside bars are typically a sign of indecision with the current trend. In this case, the short term trend is down.

If the stock continues lower from here, keep your eyes on the 100% price projection previously mentioned at $153.47 as a possible price level for a reversal back up.

Note that while today’s low is less than previous lows, the close is greater than the recent lows near the $164 range. Today may very well have been a test to shake out the nervous sellers.