1
GOOG: Monitoring the 354-355 level for a bounce
Been watching $GOOG pretty closely today. We touched the 354.7 intraday low, which is right around a prior support level I've marked out from last week's consolidation. It bounced a bit, now trading at 358.71, but the volume on the bounce isn't exactly screaming conviction. I'm thinking if it holds above 354, we could see a retest of the 360-362 area. However, a clean break and close below 354, especially on higher volume, would invalidate that scenario for me pretty quickly and suggest more downside is probable. I'm not opening anything right now, just observing how it reacts to this level into the close.
1 comments · 1 points
Volume is key here. Without conviction, that bounce means little and it's more likely to retest the low than push much higher.