GOOGLE Near Major Support, What Next?

In the span of about one month, we saw GOOG decline from its high of $600 to now near $525.  I have posted in the past about GOOG's major support at $520.  The chart below depicts 9 months
of GOOG trading.  The last time it touched this level, the stock took off into high $500s.  What is it going to do this time?  Will it take off again?  Or is this the time to break this major support?

Let's take a closer look at GOOG's three month chart below.  I have drawn two key resistance levels at $540 and $560.  If GOOG breaks the first resistance at $540, then it will most likely head towards $560.  However, if it fails to break $540, then it could generate enough momentum to break its major support at $520.  This support is critical in that if broken, GOOG will most likely reach $500 and possibly into $400s.  Next couple of weeks should give us more insight into which direction GOOG will be taking.

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