kungfuguo
Short

Goog 7/31/2013

BATS:GOOG   ALPHABET INC
163 0 0
Google             to test key support. As shown on this graph, Since May, Google             has been dancing around $860-$920 range. There has been 2 peaks in this channel (circled).

Couple things I want to point out. First, the key support line is labelled in purple, and must be protected at all cost. If it closes below the support line, I would expect a push down to low $800s, as MACD and RSI are both looking bearish . Note the bearish divergence on MACD and RSI .

The next few days are key, as the pressure from the downtrending line will be intersecting the support line.

Currently, I take no position in Goog             . Will watch it carefully in the next few days as it tests the support line. If I were a gambling man, I would be starting buying puts.
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