For the grave sin of reporting spectacular earnings and talking about new markets it plans to enter and conquer, Google’s shares have been savaged in recent weeks. That’s the price a company must sometimes pay when its shares are heavily in demand by institutional buyers keen on value. Even so, the so-far $94 shakeout from early January’s peak has yet to take out a single prior low on the weekly chart, let alone the two we require to signal a bearish impulse leg. That would imply a further fall of $60, a possibility we would not disparage, given the fact that GOOG’s sponsorship is so heavily skewed toward managed portfolios.
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