Some warnings of that things are probably not all well:
1. attempts to trade back above the 200 day Moving average had failed again (twice)
2. a previous support around 2500 that were tested several times since 24 Jan had broken down quite spectacularly last Friday on strong volume
With GOOG reporting earnings after market close tomorrow (26 April), how it reacts after will be a harbinger of things to come.
1. Should GOOG report a disappointing set of results or a muted outlook, and things will likely continue south
2. Should GOOG surprise to the upside, then we could see another (strong) gap up and what it is important to see if this gap up will fizzle out fast to decide if one should stay optimistic or stay safe.
Personally erring on the side of bearishness right now unless GOOG can close above 2500 for a start and eventually above the next resistence at 2639.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Cheers.
1. attempts to trade back above the 200 day Moving average had failed again (twice)
2. a previous support around 2500 that were tested several times since 24 Jan had broken down quite spectacularly last Friday on strong volume
With GOOG reporting earnings after market close tomorrow (26 April), how it reacts after will be a harbinger of things to come.
1. Should GOOG report a disappointing set of results or a muted outlook, and things will likely continue south
2. Should GOOG surprise to the upside, then we could see another (strong) gap up and what it is important to see if this gap up will fizzle out fast to decide if one should stay optimistic or stay safe.
Personally erring on the side of bearishness right now unless GOOG can close above 2500 for a start and eventually above the next resistence at 2639.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Cheers.