GOOG breaks below prior session low
Alphabet Inc. (GOOG) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
GOOG finished the week 1.14% higher at 1237.61 after losing $11.49 (-0.92%) today on low volume. Closing below Thursday's low at 1246.01, the share confirms its breakout through the prior session's low having traded $14.01 below it intraday.
Daily Candlestick Chart (GOOG as at Aug 10, 2018):
Friday's trading range was $13.69 (1.1%), that's below last trading month's daily average range of $20.48. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 1232.00 during the day, Alphabet bounced off the key support level at 1233.47. The failure to close below the support could increase that levels importance as support going forward.
Although the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Buying could accelerate should prices move above the close-by swing high at 1256.50 where further buy stops might get activated. With prices trading close to this year's high at 1273.89, upside momentum could speed up should Google be able to break out to new highs for the year.