Alphabet Inc (GOOGL) could be a very good short candidate now.
Technical Analysis of Alphabet Inc. Class A (ticker at Nasdaq: GOOGL)
Now and then, yes, you can be tempted to believe that things can grow into the sky, but when it comes to shares (perhaps especially when it comes to shares) they very rarely do, or rather they never do.
So what now about Google, or Alphabet Inc. as they are now called (ticker on Nasdaq: GOOGL), yes this stock might grow into the sky now?
Hardly, in that case it will be the first time in history that a share grows into the sky, and every upward trend sooner or later ends, whether we are talking about short-term or long-term upward trends, they all have an end.
Now the end may have come for this time and for this upward trend as far as Google, or Alphabet A (ticker on Nasdaq: GOOGL) is concerned.
The share is now all the way up to the resistance level at the upper trend line in an uptrend, and has tested this resistance several times recently, without managing to break above it.
As we know, there are always new corrections and new tests of support levels, and for example down towards the very important 200 day moving average.
Another such correction down to test the 200-day moving average support and lower trendline in the uptrend now seems likely based on technical analysis of Alphabet Inc (GOOGL).
History has a tendency, as we know, to repeat itself, and we do not have to go back further than a couple of years (cf. chart) and we see that even the Alphabet share does not grow forever and ever and into the sky.
There are occasional corrections there too, believe it or not, but even one of the world's largest companies does not grow straight into the sky.
The overall technical picture for Alphabet Inc. (ticker on Nasdaq: GOOGL) indicates that we can now face a correction down towards around USD 155.00 - 160.00 within the next 1-3 months.
In any case, nobody should be very surprised if that were to happen, and based on what the technical picture for GOOGL now signals about the further development of the stock in the short term.
GOOGL can thus be a good short candidate at the current price level, and with a price target for a short position in GOOGL around USD 160.00.
The share price for GOOGL is at the time of writing here at USD 190.26.
Now and then, yes, you can be tempted to believe that things can grow into the sky, but when it comes to shares (perhaps especially when it comes to shares) they very rarely do, or rather they never do.
So what now about Google, or Alphabet Inc. as they are now called (ticker on Nasdaq: GOOGL), yes this stock might grow into the sky now?
Hardly, in that case it will be the first time in history that a share grows into the sky, and every upward trend sooner or later ends, whether we are talking about short-term or long-term upward trends, they all have an end.
Now the end may have come for this time and for this upward trend as far as Google, or Alphabet A (ticker on Nasdaq: GOOGL) is concerned.
The share is now all the way up to the resistance level at the upper trend line in an uptrend, and has tested this resistance several times recently, without managing to break above it.
As we know, there are always new corrections and new tests of support levels, and for example down towards the very important 200 day moving average.
Another such correction down to test the 200-day moving average support and lower trendline in the uptrend now seems likely based on technical analysis of Alphabet Inc (GOOGL).
History has a tendency, as we know, to repeat itself, and we do not have to go back further than a couple of years (cf. chart) and we see that even the Alphabet share does not grow forever and ever and into the sky.
There are occasional corrections there too, believe it or not, but even one of the world's largest companies does not grow straight into the sky.
The overall technical picture for Alphabet Inc. (ticker on Nasdaq: GOOGL) indicates that we can now face a correction down towards around USD 155.00 - 160.00 within the next 1-3 months.
In any case, nobody should be very surprised if that were to happen, and based on what the technical picture for GOOGL now signals about the further development of the stock in the short term.
GOOGL can thus be a good short candidate at the current price level, and with a price target for a short position in GOOGL around USD 160.00.
The share price for GOOGL is at the time of writing here at USD 190.26.
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