Google Inc (NASDAQ: GOOG) Approaches Make or Break Level Says Market Timer Frank Kollar
August 28, 2008 (FinancialWire) (By Frank Kollar)
Since shares of Google Inc (NASDAQ: GOOG) are closing in on a support level that will likely determine its fate over the coming weeks.
GOOG reached the 78.6% retracement of the March-May rally of this widely followed stock in mid-July, and then again on August 1 st and 4 th. It is again testing those lows, at the $462 level, closing on Tuesday August 27 at $468.58. Tuesday was a strong one for the stock market yet GOOG lost almost 1%.
If GOOG makes a decisive close below $462, look for lower lows in coming days and likely weeks to challenge the prior major correction lows down at $413 a share. Should the $462 level hold though, there is room for GOOG to climb to the $510 level before resistance is reached on the upside.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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