Five Star Stock Watch: Google
Google's first quarter revenue missed Wall Street's estimates thanks to narrowing margins due to continuing price declines for its ads.
The stock had intially dropped around six percent after hours last night, but somewhat recovered quickly thereafter.
So, what should Google traders and investors be watching as the stock market opens Thursday?
Check out the analysis below for some ideas!
The company: Google, Inc
Ticker Symbol: (NASDAQ: GOOGL)
Industry: Internet Information Providers
Google Inc., a technology company, builds products and provides services to organize the information and make it universally accessible and useful.
Please take a look at the six-month chart of Google below with added notations:
If Google declines right out of the gate Thursday, the level that should be monitored is the $530 support that are highlighted above. A break of that level will most likely lead to lower prices for the stock.
However, if the stock rallies instead, which has tended to be the case with most recent Google earnings days, traders and investors should watch for a break through the down trendline of resistance.
That resistance currently sits near $570.
Google isn't set to release earnings again until next quarter.
No matter what your strategy, or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key.
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