I have been thinking that the 280 level was support for Google. As you can see in the hourly chart above the market broke below this level today. The bottom of the current box is 267 but I don't think GOOG will get near there.
Notice that the August 11 low at 280.62 was about $6.50 below the July 29 low at 286.99. Subtracting 6.50 from the 280.62 low we get 274.10 as a minor support level and reasonable downside target. I have other calculations that say that 271 should be the worst we see on the downside. So I conclude that GOOG will drop into the 271-274 zone and then start the next leg up in its bull market.
1 comment:
Did you see that maniac Cramer today on his new show?
My man set a price target for GOOG at $350 a pop based on a $10 dollar EPS figure for 2007 and a 35 PE multiple...
best,
Dan
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