Google Stock Quote

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.