By Andrew Nyquist
After a monster rally, Google (GOOG) dropped in equally quick fashion to the 200 day moving average and its 61.8 percent Fibonacci Retracement level (640). From there, GOOG stock has rebounded to an important confluence of resistance, including the 50 day moving average, the 50 percent Fibonacci Retracement level, and downtrend line.
Take yesterday’s price action for example. The stock hit the 50 day moving average and 50 percent fib and promptly retreated. If Google stock bulls are hoping for more love in this rally, the stock will need to sustain a breakout above this level. Keep an eye on this pricing zone.
Trade safe, trade disciplined.
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Google (GOOG) stock chart as of December 3, 2012. GOOG stock analysis with support and resistance levels and fibonacci retracements.
No position in any of the securities mentioned at the time of publication.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.