Tuesday, December 18, 2018
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Technical Analysis – Google registers 1-month high

Google 04/12/18 | EconAlerts


Google (Alphabet) stock registers 1-month high finding resistance at 200-day SMA.

Google stock price has fallen sharply from the one-month high of 1122, reached earlier on Monday, after the bullish gap. However, the technical indicators are still endorsing the positive view. The MACD oscillator is strengthening its momentum above the trigger line but is below the zero line, while the RSI indicator is heading north above the threshold of 50.

If the recent declines continue, immediate support is likely to come again from the 1093 barrier, which overlaps with the 50-day simple moving average (SMA). More downside pressures could drive the stock until the 990 level, while a drop below this area would confirm the switch to a bearish outlook and would open the way to the 960 support.

To the upside, prices would need to overcome the 200-day SMA to substantially strengthen the positive view. A sustained climb above Monday’s high would set the path towards the 1150 resistance, registered by the bottoms during September. Also, a break above this level is needed for a fresh push to record a rally towards the 1209 resistance, identified by the high on October 1.

Overall, Google has been negative since peaking at 1269. Near-term weakness is expected to remain as long as price action takes place within the moving averages.

Google 04/12/18 | EconAlerts


 

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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

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