GOOG ends the day indecisive
Alphabet Inc. (GOOG) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, GOOG finished Tuesday at 1227.13 gaining $6.03 (0.49%), slightly outperforming the Nasdaq 100 (0.34%). Today's close at 1227.13 marks the highest recorded closing price since March 21st. Trading up to $4.88 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (GOOG as at Apr 16, 2019):
Tuesday's trading range has been $10.70 (0.87%), that's below the last trading month's daily average range of $15.84. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for GOOG.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical resistance level at 1231.79 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 1231.79, upside momentum might accelerate should the stock be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Alphabet. Out of 43 times, GOOG closed higher 65.12% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.47% with an average market move of 1.53%.