GOOG Reaches Resistance. What's next?

Last week on Long and Short Investment, there was an article on Google discussing about its support level at $520.  We saw that as soon as it hit $520, GOOG then took off and hit its resistance level yesterday at $545 before it drop to $541.  It is little
concerning for LONG that GOOG could not break its resistance level today.  From here, what will be GOOG’s direction?  If positive momentum continues into next day or two, then GOOG could trade beyond $550.  However, I believe that GOOG is possibly headed back down to its support level for the third time.  The big question will be whether or not it will break its support this time around.  Only time will tell and I will be watching it carefully because it could signal further down trend if it indeed breaks $520.  Could be a good short opportunity…

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