10 Things I See on the Google Chart $GOOG

10 Things I See on the Google Chart $GOOG

  1. We are looking at a failure to break out to a new all time high Wednesday. With the day of the failed break out closing near the low of the day.

  2. Usually only bearish reversals follow a gravestone reversal candlestick, the last two days has been that reversal.

  3. We did regain the 20 day after losing it Friday but the 10 day is still acting as resistance. I like to short things under the 10 day.

  4. The last two days of selling has happened on growing volume. 

  5. The 50 day is a logical support level to visit first even if we do reverse and go higher from here.

  6. We have had three days of lower highs and lower lows which equals a short term down trend.

  7. If the general market has started a correction this will be a leading stock with lots of room to fall to the downside. As rising tides knock over all ships.

  8. The more up grades and $1,000 analyst upgrades Google gets the more bearish I become, that is a contrarian indicator.

  9. Google is a stock that travels in 100 point trends often, we may be at the start of that trend if this is the beginning of some distribution.

  10. The risk/reward has skewed to the downside with the run that it has had this year. I will be looking to buy puts near a bounce to the 10 day sma and play the short side this week.


10 Things I See on the Google Chart $GOOG