Chartology: Google (GOOG) Trade Update

Andrew Nyquist

By Andrew Nyquist
Yesterday I posted that Google’s thrashing offered a very short term trade opportunity and that I had taken a position in Google (GOOG) and would add more between 615-620.  Well, with the morning pop into the 630’s I had no choice but to take the gains and peal off my initial position.

However, with the subsequent sell-off below 620, I have re-engaged.  Note that the 50 percent fibonacci retracement of the recent move from 560-670 is roughly 615.  See updated chart below.

 

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Position in GOOG at time of publication.

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