Google stock price found a strong resistance level around the six-month high of 1,230 and is on track to complete its fourth consecutive red day. Also, the price posted a spike below the 23.6% Fibonacci retracement level of the upward movement from 967 to 1,230, around 1,168. Momentum indicators now suggest that the market sentiment might decline even lower as the stochastic lies in oversold area and the MACD is falling below the trigger line.
If the price manages to slip even lower, the next support could come from the 1,147 support level. Below that, the ‘golden cross’ between the 50- and 200-day simple moving averages (SMA), currently near the 38.2% Fibonacci of 1,130, could be the next major obstacle to attract attention ahead of 1,122.
Alternatively, the market may turn to the upside again, resting near the 1,230 resistance. Slightly above this region, the 1,253 could halt upside movements. Furthermore, a decisive close above the latter could increase speculation that an uptrend is in progress in the medium-term, hitting the 1,270 resistance, identified by the high on July 2018.
To summarise, the Google stock bias looks positive in the medium-term, while a bullish rally above 1,270 could switch the long-term structure from neutral to bullish as well.
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