Monday, September 23, 2019
Home > Posts > Technical Analysis – Google stock bearish in short term

Technical Analysis – Google stock bearish in short term

Google 04/07/18 | EconAlerts


Google stock bearish in short-term; remains in a trading range in the medium-term.

Google stock has been consolidating since January 29 and has been stuck in a sideways channel with upper boundary the 1185.53 resistance level and lower boundary the 978.00 support level. The neutral picture in the medium-term looks to last for a while longer after prices failed to break the upper boundary during the end of June.

The negative bias in the near term is supported by the deterioration in the momentum indicators. The RSI indicator is sloping below the 50-neutral level, suggesting a downside movement would take place in the next sessions. Also, the MACD oscillator is falling in the positive zone, approaching the bearish territory.

If prices continue to head lower, support should come from the 50-day simple moving average (MA) near the 1096.63 mark. A drop below the 50-day MA would reinforce the short-term bearish view and open the way towards the 1054 level, which has been a major support area in the past.

However, should an upside reversal take form, immediate resistance will likely come from the upper boundary of the trading range of 1185.53.

In the medium-term, prices are holding above all the moving average lines but the technical indicators endorse a negative scenario in the near term.

Google 04/07/18 | EconAlerts

 

TRADE THE MARKETS     TRY A DEMO ACCOUNT     US TRADERS

All trading involves risk. It is possible to lose all your capital

 


Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


source: XM

Leave a Reply

Your email address will not be published. Required fields are marked *