Google to test key support. As shown on this graph, Since May, Google has been dancing around $860-$920 range. There has been 2 peaks in this channel (circled).
Couple things I want to point out. First, the key support line is labelled in purple, and must be protected at all cost. If it closes below the support line, I would expect a push down to low $800s, as MACD and RSI are both looking bearish. Note the bearish divergence on MACD and RSI.
The next few days are key, as the pressure from the downtrending line will be intersecting the support line.
Currently, I take no position in Goog. Will watch it carefully in the next few days as it tests the support line. If I were a gambling man, I would be starting buying puts.
Couple things I want to point out. First, the key support line is labelled in purple, and must be protected at all cost. If it closes below the support line, I would expect a push down to low $800s, as MACD and RSI are both looking bearish. Note the bearish divergence on MACD and RSI.
The next few days are key, as the pressure from the downtrending line will be intersecting the support line.
Currently, I take no position in Goog. Will watch it carefully in the next few days as it tests the support line. If I were a gambling man, I would be starting buying puts.