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Big Selloff in Google Is Just Bullish Noise

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 1 May 2019 | Print  | Disqus 

Google was down a hellacious 112 points, or 9%, at Tuesday’s low, but the plunge did little damage to the bullish look of the weekly chart:

GOOG-would-need-to-fall-25.jpg (1291Ă—871)

The fact that this occurred after the stock had pushed above last July’s record high makes the selloff merely corrective rather than impulsive. It was attributable to a dour earnings report which suggested Google is losing ground in advertising to Amazon and Facebook. From the look of the chart, however, it seems predictable that the company will find a way to cope and get back in the race. Another thing to be inferred from the stock’s steep dive is that it was engineered by the same institutional wiseguys who have been buying it all along. They’ve created for themselves a fire-sale opportunity, and we should therefore look for GOOG to stabilize, presumably at somewhat lower levels, before the accumulation cycle begins anew.  Alternatively, the stock would need to fall a further 290 points (!), or 25%, exceeding the 894 ‘external’ low recorded last June, to turn the weekly chart bearish.  This seems unlikely, even after today’s heavy losses. 

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 -- Published: Wednesday, 1 May 2019 | E-Mail  | Print  | Source: GoldSeek.com

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