GOOGL to Low $100s?Overview
Google ( NASDAQ:GOOGL ) is in the dangerous territory of a double top formation. I've discovered this same macro-pattern with a few other assets as well. In combination with a rise in long-term Treasury Yield Curve rates since December 2023, I think a rush of selling pressure could be around the corner.
Technical Analysis
Utilizing Fibonacci retracement levels along with historical supports & resistances, the $126-136 range appears to be a key level in the share price. The double top formation is a bearish reversal pattern that resembles the letter "M" and, when valid, the second peak is greeted with significant selling pressure. According to technical indicators GOOGL is beginning to reveal the symptoms of a bearish reversal.
The share price has risen on dwindling volume, Money Flow Index (MFI) is approaching overbought territory, and the On-Balance Volume (OBV) is still under a ceiling created in March 2022. A rising wedge is also visible on the hourly charts with a micro Head & Shoulders in development. Should a high volume breakdown occur then I believe a price target range between $109-126 is probable, however, I am expecting adequate support around $126 as it correlates with both a 61.8% Fibonacci level and has history as a key area of support & resistance.
Speculations
Earnings season is a great time to profit from derivative trading, however, it can also be more treacherous due to the volatility most stocks experience in the days leading up to and immediately following their Quarterly Releases. Because GOOGL is having their Earnings Call in the next few days, I would not be surprised to see sharp price movements in either direction regardless of the current trends. Concrete stop-losses and price targets should be determined before entering any positions.
1GOOGL trade ideas
GOOGLE $GOOG Cup and Handle FormationKeep and eye on this one, specially in the AI play, they do have one if not the biggest data of all time, a Cup and handle formation is forming here.
As a stock forming this pattern tests old highs, then some price consolidation before advancing higher ( check NASDAQ:MSFT on the weekly time frame very very similar)
NASDAQ:GOOG this week found support at the 200 SMA ( or 40W MA )
**This is not a financial advice, it's intent for information purposes only. Do you own search.
GOOGL forming Morning Star Candle pending confirmationGoogle weekly chart still uptrend, bullish but Bearish volume (-ve FiFT)
Weekly closing forming Morning Star reversal candle. Pending confirmation if next week close above 143.
MCDX Banker is very strong with 72% but below average - weak
Plan - Looking for opportunity to Buy on Dip above 143.
(Google form small Support / Resistant levels at every 15$ range 105, 120, 127, 140, 155...)
Is Google @ $152 The Best Stock Pick?Yesterday I hoped on my PC,
to find a stock to trade,
plug in the requirements on the scanner
paused and waited and then viola
I saw Google appear
so what happened?
Google NASDAQ:GOOG is in a momentum trade meaning it is trending upward,
The Momentum is the leading tool I used to find this stock
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DIsclaimer: You will lose money from trading please practise risk management this is not financial advice.
GOOGL - Weekly chart tells us a lot. Tapering being provenWe may be transferring control from our strong buying magenta to our tapered green continuation - and that means one thing - More liquidity needs to be built.
If we do see this rejection off green (proving it's in control) we will look for a controlled selling back to try and get picked up by our magenta stronger buying.
See you all live at 9:30 AM!
Happy Trading :)
Google Expands Crypto Visibility with Etherscan IntegrationIn a significant move that underscores its growing interest in the cryptocurrency domain, Google ( NASDAQ:GOOG ) has announced its integration with Etherscan for Ethereum Name Service ( NYSE:ENS ). This collaboration is poised to revolutionize the crypto landscape, offering enhanced visibility and accessibility for Ethereum users worldwide.
The integration, unveiled recently, allows Google ( NASDAQ:GOOG ) users to delve deeper into Ethereum transactions by incorporating ENS domains directly into their search results. What began as a feature enabling users to search for specific public addresses and view wallet balances has now evolved into a comprehensive service encompassing ENS domains. This expansion marks a pivotal moment for crypto enthusiasts, streamlining the process of navigating the Ethereum blockchain.
Former ENS core team member Brantly Millegan highlighted the significance of this integration, emphasizing its potential to elevate the crypto experience for users. However, while the integration promises greater convenience, some users have reported sporadic availability issues. Notably, the feature appears to function more reliably in private browsing mode or when logged out of Google services, prompting discussions around optimization and accessibility.
The enhanced service details offered through Google's integration with Etherscan are poised to transform how individuals engage with Ethereum transactions. Users can now seamlessly search ENS domains and view wallet balances associated with blockchain addresses, all within the familiar interface of Google search results. This not only simplifies the process of conducting transactions but also amplifies crypto visibility, making it more accessible to mainstream users.
Yet, amidst these advancements, questions around data privacy and security loom large. As Google ( NASDAQ:GOOG ) deepens its integration with blockchain platforms like Etherscan, stakeholders must remain vigilant about safeguarding user data and ensuring robust security measures. Balancing innovation with accountability will be paramount as these developments reshape the cryptocurrency ecosystem.
Beyond Google's collaboration with Etherscan, recent developments within the Ethereum community have captured attention. Reports of the Ethereum Foundation facing scrutiny from a State Authority inject an element of uncertainty into the market, underscoring the need for transparency and regulatory compliance. Meanwhile, updates emanating from the protocol's GitHub repository signal ongoing evolution within the Ethereum ecosystem, reflecting its dynamic nature.
Technical Outlook
Alphabet Inc. ( NASDAQ:GOOG ) reacted to the integration news by surging 1.95% in Friday's Market trading with a positive Relative Strength Index (RSI) of 65 indicating a strong buying bias.
NASDAQ:GOOG is also trading above the 200-day Moving Average (MA).
Despite a recent dip in trading volume, Ethereum's live price remains resilient, indicating resilience amidst market volatility.
GOOGL - Weekly analysis after the bullish AI newsWe gapped up heavily and are showing bullish signs after announcement of the potential partnership with AAPL and Google's Gemini.
Keep an eye out for a retest of teal - however I would not take this to ATH without being weary of the tapered continuation channels we have in the way (yellow and green) as well as our tapered purple selling channel which is being used to build liquidity.
Will update analysis as price develops!
Happy Trading :)