GOOG is clearly in a down trend, which started in early July. Lower highs, lower lows, and 21EMA below 50EMA since the cross below in semi-late July. It is currently approaching the upper band of the down channel, and a reaction to the downside could be expected. The MACD is behaving somewhat indecisive and not providing useful guidance, which does not signal a change of trend anytime soon. The volume oscillator is trending down. This all points to price continuing the move down. Target $144, or lower band of channel, which might trigger a push up.Note
GOOG broke out of the channel to the upside and has since consolidated, not really participating in the upmove of the Nasdaq these last few days. Indicators are not really helping, with MACD turning slightly down, RSI below signal line but turning up a bit, and OBV moving sideways. EMA21 is however close to crossing up through EMA50. No clear direction as of now, but be aware of any AMD/PO3 behaviour. We could be in an Accumulation phase, followed by Manipulation breaks before Distribution. However volume has not picked up, so not too likely at this stage.Trade closed manually
Never bet against the Mag7 (except TSLA), they are detached. As a trade case, this is over.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.