Google Caution Flag at $455 Support
I would be very cautious with playing Google (GOOG) in this range. We know that the $455 range has been great support and a great buypoint in the past, but this time we may not be so fortunate.Take a look at the resistance the stock recieved at its 50 and 20 DMAs, this is a caution flag especially as they are downtrending. Also, after the latest bounce off $455 support here in early February, you can see the stock didn’t rally too far, not even close above $480.
Some may say that “three is a charm”, but I just say, “be careful”. There is opportunity daytraders to buy some shares here and look for the gap today to possible get filled later this week, but I would place added caution on long holders. If the stock sells off heavily and falls below $452, watch out…
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