This year has been a very disappointing year for share holders of Google Inc. (NASDAQ:GOOG) to say the least. Can you believe, as the markets are making new all time highs seemingly everyday, the behemoth search engine and ad company that is Google, is negative year to date. Its a bit hard to believe, as this was one of the market darlings of 2013 returning just over 58%.
So what has happened to this company that was so loved by wall street and silicon valley. Well, one could say that the stock might be taking a breather after such a nice run last year. Or that maybe the street is none to pleased with some of the acquisitions that have been made by Google. Those are a couple of good talking points and may very well be true, but I look to one its chief rivals in Apple Inc. (NASDAQ:AAPL).
I feel that the share price of Google Inc. has been stagnant because money could very well be heading out of it, and going straight to Apple. It looks like the bulls are back in love with the device maker as its stock is up over 13% year to date. Investment dollars are constantly flowing from stock to stock and even within sectors. So while some might be left scratching their heads wondering why the under performance from shares of Google. I look to the charts to tell me when to enter this stock and where the money has fled to.
From here the charts are indicating that Google could see an oversold bounce in the near term. However, watch this to find support around $534 and even more at the $503 level.
BY Parm Mann