Google set an all-time high at $928.00 on July 15 then some on Wall Street raised their price target to $1,000. According to Thomson/First Call the highest price target today is $1,175. 11 analysts have a strong buy rating and 21 have a buy rating. There are 12 hold ratings, no under-perform or sell ratings.
At ValuEngine Google is rated hold and is overvalued by 29.8% with a one-year price target at $904.42. Like Apple, the key for Google is now technical momentum. The stock is oversold on its daily chart and has a negative weekly chart profile. The stock is below its five-week modified moving average at $881.32 with declining momentum.
My proprietary analytics shows a quarterly risky level at $915.63 which was tested at the all-time high. Google has been trading under the influence of semiannual pivots at $880.48 and $892.48 since July 19, which lines up with the 50-day simple moving average at $890.34. Without a clear value level the downside risk is to the 200-day SMA at $805.43. Google's major mojo run began from the 200-day when it was $638.41 tested and held on November 16, 2012.
Since the end of June Google shares set its all-time high, and have since moved sideways to down, which is a sign that the stock has lost its mojo status. The buy-and-trade strategy is to buy weakness to the 200-day.At the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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