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Google (Nasdaq: GOOG) is starting to look like a big cruise ship that is taking on some water, as the stock is breaking support levels on a regular basis.
Chart Courtesy of StockCharts.com
The bloom is way off this rose, as the company recently announced that the weakening economy is leading to fewer ad clicks on its search engines.
That announcement is nearly the same as if a major religion saying that it can't attract an increase in its flock during times of doubt and turbulence, as it signals a total loss of faith.
And faith is what Google has been about from the start as shareholders expected the company's huge market share in search and online advertising to carry the day, no matter what the economy was doing.
So what's next? Well it looks as if the 400 area is the next major support with minor support at 460 and 440 along the way. But that's another 20% below the 7-21 close. Ouch!
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