Google Stock Quote

Google stock took out some serious support today, and did so convincingly.

Here’s what the 60 minute chart for GOOG looks like:

The January 2005 low near $176 was broken within the first hour of trading. The first hour of trading today was decisively bearish. The first hour’s price bar was a large range bar to the downside.

Now let’s see what happens if the stock comes back up and tests what was support - possible resistance?

Google stock is, as of 4PM Eastern time today, at the 100% time retracement of the decline from the February 15th high to the February 24th low.

time retracement

By itself, this is interesting.

What’s even more interesting is that on the larger time frame, the 60 minute chart, the stock is at the 162% time retracement of the decline from the all time high on the 2nd of February 2005.

162% time retracement

This kind of Fibonacci overlap is the kind of analysis that can identify a possible low risk opportunity.