Google Inc (NASDAQ:GOOG) launched its much hyped eye-wear Google Glass just about two year ago. For many tech enthusiasts, the company had introduced to the world stuff which could only be seen in a fictional spy movie. But after two years, the wearable tech demand for Google’s latest offering hasn’t picked up as had been expected. Many believe that Google Glass is more of a constraint than something which “fits just in”. Many analysts believe that consumers have more or less given up on the Glass. Many app developers are putting developing customized apps for the wearable device on hold which is being seen as a huge negative, in turn focusing on Oculus Rift and the iWatch from Facebook and Apple Inc respectively.
Though, there are many who believe that the company has always been into products for the long term and analysts and investors should the company some time. Many analysts believe that the company has always delivered and given its track record, it would deliver again. Investors on the other hand are a bit weary given the other opportunities available to them in the market place.
When looking at the daily charts for Google Inc (NASDAQ:GOOG), the stock is finding resistance at its 50 day moving average at $559 and is showing weakness at the current point of time. The stock which has been in a tremendous uptrend for most part of the year, was hit hard post the sell off witnessed in October. The relative strength index for the stock has given a sell signal and formed a double top which is a bearish indicator. The momentum indicators for the stock have given a sell signal pointing towards a shift of momentum towards the sell side which is indicative of the negative sentiment for the stock in the near term.