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johnatan hammer
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trading stocks, currencies and commodities for more than 10 years. allways happy to learn new things and anyone i meet can be a teacher. i love to use technical analysis as a primary tool for investments or trades.
  • Google, Beginning a Short Term Downtrend 0 comments
    Apr 6, 2013 11:34 AM | about stocks: GOOG

    Google's buyers are running low and more sellers are entering.

    it's created a "head and shoulders pattern which indicates that at the moment there aren't a lot of buyers above the levels of $817.

    furthermore it broke the support at $791 along with the trend line and the 21 M.A. which also acted as resistance at $817 (the top of the shoulders).

    volume levels have also rising for the past couple of weeks- simultaneously with the beginning of the downtrends.

    good chance it will try to hit next resistance at $740 as long as it stays bellow $791.

    heads up- we have a $21 price gap bellow that next support- it is very possible chance it will be close.

    (click to enlarge)

    Stocks: GOOG
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