Google Stock Quote

Google announced better than expected earnings. As often happens when unexpected news of this nature occurred, the stock reacted favorably. As of this morning the stock is up more than 10% compared with yesterday’s close. Also of interest is that brokerage houses are upping their price targets for the stock. No surprise there.

Google also made the comment that internet marketing is taking away from the broadcast and print medias. This can only be good for GOOG.

Let’s see if the stock price continues to react favorably.

Google continued the march to lower prices. Interestingly, the stock seemed to find support at the 62% price retracement and on a closing basis, support right at the 50% level.

See the chart and comments for GOOG at the 50% retracement.

Seems that the stock is not ready to break out to new highs - and continue higher.

The recent double top looks significant. The second high was only a measly $0.33 higher than the first top AND was a large range reversal day to the downside.

What we are left with is a slow torture. The stock has turned down towards the downside of the trading range. Google stock has had 4 consecutive down days with each day a larger range than the other. Yesterday’s price action took out the mini support at $305.60.

The next level of support is at $297.91 - the September 15th low. Coincidently, the 50% Fibonacci retracement level from the August low at $273.35 to the all time high on October 4th at $321.28 occurs near this level - $297.32

After that, well, it’s a long ways down. I peg the next level of mini support at approximately $285 and more significant support at around $273.