Google Traders Now Monitoring Levels Above $800

The majority of stocks are off to a rough start in 2016, and after a positive initial market reaction briefly made Alphabet Inc GOOG the world’s largest public company, the stock is now down more than $100/share from its all-time highs earlier this week. After the massive selloff, what prices are Google traders watching now? According to data from Call Levels, traders now have the majority of Google price point notifications set in the upper $700s and even low $800s. Related Link: Robert Coleman's quote about market volatility still rings true today. It’s not surprising that traders are watching these levels for any signs that Google will once again make a push for new all-time highs. Even Google bears likely see these levels as important selling opportunities if the stock attempts to retest resistance. Related Link: Alphabet Vs. Apple: A Look At The Charts Although the selloff may be disheartening to Google bulls that anticipated more follow-through from the company’s strong Q4 earnings report, the selloff may simply be a case of healthy consolidation. Google has a history of trading in roughly $100 round-number ranges for extended periods of time before making a push higher. If the stock finds support at the $700 level, it may be an indication that Google will simply remain range-bound between $700 and $800 for the time being. Disclaimer: Any comments, opinions, perspectives and analyses including but not limited to views etc. are that of the authors own, and in no way can be perceived as professional investment advice. Examples of analyses, calculations performed within the Content are only examples and/or instances taken from the Call Levels App. These analyses, calculations etc. should not be treated as professional investment advice, strategy or any variant of such forms as they are based on limited and open source information. All prices, data and calculations are correct at the time of posting.

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