GOOG Management Shakeup Will Send It Lower
Undeniable that Google is one of the greatest companies out there, but the expanding multiple is being questioned, especially after the major shakeup in management. While I think any entry point would be great long term on this stock, the next few weeks will see this lower.
PRICE - $508 is the previous short term support, and I think with little to no new news planned from the company over the next couple of months, this moves towards that level. If it bounces off of it, I would watch the $560 level to see if the Oct. 31 resistance still holds.
ACCUMULATION - The past few weeks have seen this a lot of distribution. Most likely a number of active money managers are chasing returns at companies with higher risk and higher potential returns.
MACD - The MACD clearly looks exhausted and the cross down look like it's going to grind lower rather then have a sharp drop. This further supports the pricing action.
PRICE - $508 is the previous short term support, and I think with little to no new news planned from the company over the next couple of months, this moves towards that level. If it bounces off of it, I would watch the $560 level to see if the Oct. 31 resistance still holds.
ACCUMULATION - The past few weeks have seen this a lot of distribution. Most likely a number of active money managers are chasing returns at companies with higher risk and higher potential returns.
MACD - The MACD clearly looks exhausted and the cross down look like it's going to grind lower rather then have a sharp drop. This further supports the pricing action.
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