GOOG rises to highest close since September 3rd
Alphabet Inc. (GOOG) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, GOOG ended the week 4.32% higher at 1641.00 after gaining $25.67 (1.59%) today, notably outperforming the Nasdaq 100 (0.25%). Today's close at 1641.00 marks the highest recorded closing price since September 3rd. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (GOOG as at Oct 23, 2020):
Friday's trading range has been $21.76 (1.34%), that's below the last trading month's daily average range of $33.28. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GOOG.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 8th, GOOG gained 1.97% on the following trading day.
Prices are trading close to the key technical support level at 1614.17 (S1). Prices are trading close to the key technical resistance level at 1659.22 (R1).
Crossing above the upper Bollinger Band for the first time since October 13th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 1526.70 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Alphabet. Out of 620 times, GOOG closed higher 53.06% 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 58.87% with an average market move of 0.92%.