A weak bullish bounce so far - this makes a further drop towards the base area @ 700.00USD more likely.
Alphabet will have its earnings this week. $GOOG chart has formed a bearish setup that can be used if you think $GOOG is heading down after earnings. 1. triple top 2. Daily resistance zone 3. Broken uptrend line about to be tested (resistance now) 4. 78.6, 88.6 Fibs are considered reversal levels. Considering the low volume rally and the strong resistance,...
Nice head and shoulders. Staying above 728, we target 783. Tech stocks looking goog no.
In the short run further decline in Prices expected.
Initial look at Alphabet. Watching for move past B/C points
Alphabet is approaching its Elliott wave 5 target of $815. The stock is highly overbought, far away from its 52-week moving average and showing bearish divergence on its 21-week RSI. Expecting a pullback over the following months towards $630 at minimum, max $520. A weekly break above $850 would invalidate this view.
Check out green and red levels for google's possible support or resistance levels. Candle Stick indication or momentum change indication will give a possibility for trading.
The wave count suggests new high is a matter of time. The main event-risk is Q3 earnings report due on Oct 22 after market. Target zone is 717-736.