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Google Inc Class A shares (NASDAQ: GOOGL) ran to resistance, pulled back as expected and have bounced back up to no-man's land. Will technicians' calls for more downside come to fruition?
Here is a review of Benzinga's last technical piece on Google:
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- Google was stuck in "no man's land" right between key support and resistance, badly lagging the broader market in the recent past.
- Bulls loved Google's balance sheet, growth estimates and dominant position in terms of intellectual talent and innovation.
- Bears were fixated on the relative weakness of GOOGL shares, as well as some of the above-average valuation metrics of the company.
- Technicians felt that Google was in the early stages of the "c" leg of an "abc" short-term correction to the upside. They placed key resistance for Google shares at $597 and $608.91, while the downside target was $504.25.
Key news and announcements since that September 2 coverage:
- Google is still battling to avoid major anti-trust and privacy sanctions by the European Union.
- The company settled an App-billing lawsuit for just under $20 million.
- Investing $145 million in SunEdison solar power.
- The company bought LiftLabs for life sciences research.
- Rumors that Google might try to buy eBay Inc.
Technicians note that Google shares appear to have completed the wave "c" leg of the "abc" upside correction just days after the last report and subsequently began to move lower. The down move that took place halted at the late August pivot down at $577.88. Whether that halt was a temporary one ahead of even more downside still remains to be seen.
The technical crowd is going with the idea that there is more downside to come for Google shares, perhaps down to the $504.25-$513.88 price range. Only a close above $608.89, the July 22 intraday peak, will get the technicians to reverse their current bearish stance on the stock.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.