If the stock breaches the resistance, will look to cover and readjust the short to play the overbought condition that will emerge.
I really like google as a company (despite its hypocrisy), but its multiple is no longer justified. The Moto phones were suppose to let Google fill into its out-sized multiple. The new phones do not inspire such confidence.
GOOG growth, in relation to its size, is positioned for a stock trading near a trailing multiple of 20, not 27.
My only knock, fundamentally, is their chosen position to be everyone's competitor instead of partner.
Partnering is working very well for Facebook and Yelp. The 'compete-with-everyone' mentality has yet to be deemed a victory, even though the market is projecting the victory with the high trailing multiple. (Most of Google's mobile revenue is still from search, and iOS. Although YouTube ads are making headway.)