retraced with the broad markets and closed below it's 21 Daily EMA
. Is this a retracement or a change in trend? Let's look at the evidence. GOOG's last 2 pullbacks were to the 100 EMA
, technically we can retrace to $807 and not violate previous patterns. The retracement barely made it to the 38% fib level. If we bounce from here this is generally considered an indicator of strength. One difference this time is that if we retrace to the 100 EMA
, we will have broken the 68% fib level, once this level is broken generally there will be a continuation of the downtrend. GOOG
is a strong stock, but we will have to watch the key technical levels fairly closely this week and next to see if there is a bounce or if GOOG
is selling off. If the broad markets sell off GOOG
will probably follow, right now waiting for GOOG
to show it's hand, right now seeing some mixed signals.