GOOG - Sector: Technology - Industry: Computer Services

[calven]

Whats going on with GOOG?  haulted after earnings - profits grow over 85%

[calven]

1st support 350
2nd support 320

Chart below shows both horizontal and upsloping support....price by volume bars included

[Miguel007]

Yes , Calven.

I think you are correct, I predict that Google shares can fell sharply tomorrow until 360 or 345, or more........

[calven]

I know everyone probably doesnt believe me but please STAY OUT of GOOG for a while. I strongly believe its headed to the 350 area...

So many bag holders at 420-430...its going to take something big to push GOOG through those HUGE RESISTANCE bars on the side of the chart below. (price by volume bars).

Furthermore I see a declining wedge pattern forming. Time will tell but I dont think the risk taken on justifies the reward at current levels.

I will be covering GOOG with the Exhausted Selling Model under the Technical Analysis section of the forum if anyone is interested.

cal 

[Melf Elf]

Yes , Calven.

I think you are correct, I predict that Google shares can fell sharply tomorrow until 360 or 345, or more........

Miguel,

Got to 354 yesterday, in the middle of your range.  Applause.

I know everyone probably doesnt believe me but please STAY OUT of GOOG for a while. I strongly believe its headed to the 350 area...

Good call, Calven.  Applause.

I just noticed the Bearish Wolfe Wave.  What a nice short that would have been on the takeout of the little Doji Star low of 469 (January 11) with that Bearish Engulfing candlestick the next day.  Target was about 403, which made easily on January 20.

Yesterday's Doji Star Hammer reversal looks like GOOG wants to rally back at least to the February 2 gap and to the Wave 1-4 bisect, call it 394-396.

[calven]

Great work Melf - Applaud

GOOG certainly bounced off that 1-4 support line, however massive selling pressure (earnings) were too much for a second retest of the support line and it broke as shown on your chart above....

Now, here is the new pattern/chart I see with GOOG - Falling Wedge for starters, followed by 2 other support lines hitting the apex of that wedge. Basically what Im saying is that I think its a good time to start creating a long position...maybe a series of 2 buys. One around 350 and the other in future days, when we know more about GOOG on a technical basis. I am saying "start to test the water..."


    * 344 is the lowest I see GOOG going short term, possibly a fill of the gap to 300 if something drastic happens.
* GOOG should soon LAUNCH (GPay) a rival to PAYPAL!
http://www.onlinepaymentwatch.com/


Here is the chart I am taking my findings off of...dont forget that with the recent downturn there will be a huge jump in short interest.... I predict about 8-10% of the float. Lots of fuel for a short term whipsaw swing.

Happy Trading.
- cal

[bananajo]

you guys are doing a great job here. I'm starting to like TA. 

There was a negative article on barrons over this weekend. has anyone an opinion how this article could impact GOOG next week?   

[boatguy]

Google insiders are selling like crazy-

They are getting their money out while the getting is good, why buy when insiders are selling?

http://finance.yahoo.com/q/it?s=GOOG

[cjm]

Barron's had an article this weekend which explained the insider selling.

"......most of the sales were part of pre-arranged selling programs that Google asked these executives to establish at the time of the IPO."

Barron's is available online for free this week. You can access the article at

http://online.barrons.com/article/SB113961805110771361.html?mod=9_0002_b_this_weeks_magazine_home

[bananajo]

sold puts for a nice profit last week but with all this negatives, it could fill the gap to 300 in the next days.

[boatguy]

cjm-

The whole paragraph-

"Granted these folks all continue to have substantial holdings in the company, and most of the sales were part of pre-arranged selling programs that Google asked these executives to establish at the time of the IPO. Still, it's notable that none have purchased shares in the wake of the recent stock pullback. Investors might be wise to follow what they do and not what they say."

So according to the article 44% of Googles revenue comes from click ads and "possibly" 25% of this is fraudulent activity.

What a mess!

[stocky]

Well it would be little premature to say but may be I have mistimed my buy of GOOG. Baron's Effect as some traders call it can't be overlooked. At the same time when every Joe and Jane is bearish on GOOG I think it would be interesting to see the 'support'. May be bears will have fields day on Monday but I would hold, atleast for Monday.

Goodluck all and healthy eating.

[ggrewal]

I think it will re-test $300 

[bananajo]

I have a question.
GOOG's 200 dma is around 334.50. How strong could the support there be? The next support I see is around 320$.
Any opinions?   
TIA

[calven]

As promised...GOOG hit support and bounced up as shorts covered their positions. The downsloping wedge was also broken. Should see another 8-10% before resistance at 390