Home
News
- 1 GOOGL stock price is inside the rising parallel channel.
- 2 Sellers are building up ahead of the Q3 earnings report.
Alphabet Inc. (NASDAQ: GOOGL) GOOGL stock price is trading inside the rising parallel channel in an uptrend. Furthermore, the price action witnessed bullish dominance and has reached the mark of $150. Despite this, GOOGL stock has shown a retracement and is showing profit booking, which indicates that sellers are looking to cover their positions ahead of the Q3 earning results. However, the chart looked strong and is favoring the bulls who persisted in delivering higher highs.
Profit booking shown in the last few trading sessions is not a sign of reversal, instead this is a buying opportunity for the investors. Furthermore, follow on buying momentum will resume near the channel lows of $133 where the higher low exists. Per the options chain, at the strike price of $135, a massive open interest of 1117 hundred shares on the call side, whereas 1545 hundred shares on the put side indicates the short positions was slightly lower than long which favors the upside.
At press time, GOOGL stock price was $135.60 with an intraday drop of 1.56% showing profit booking. Moreover, trading volume increased by 1.56% to 26.78 Million while the market cap was $1.716 Trillion. However, analysts have maintained a buy rating with a yearly target price of $151.79 suggesting that stock will continue to outperform in the upcoming sessions.
Alphabet, Inc. engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products. It operates under the Google Services and Google Cloud segments.
Will GOOGL Stock Continue to OutPerform Above $150?
On the daily charts, GOOGL stock price slipped below the 20 day EMA and is heading toward the channel lows near the support zone of $133. Furthermore, the price action highlights bulls’ dominance. Furthermore, GOOGL stock price is above the 61.8% Fibonacci retracement level and is near the upper bollinger band.
The RSI curve stayed near neutrality and showed a bearish divergence which led to profit booking in the yesterday trading sessions.The MACD indicator shows a bearish crossover and red bars on the histogram, highlighting volatility.
Summary
Alphabet Inc. (NASDAQ: GOOGL) stock price persisted in an uptrend and has reached the supply region of $150 amid the volatile market. Moreover, the GOOGL stock has given positive returns, trapping sellers. However, a retracement from the highs of $150 was witnessed with the price slippling below the 20 day EMA support.
Technical Levels
Support Levels: $133 and $125
Resistance Levels: $140 and $150
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
