GOOG unable to break through key resistance level


Alphabet Inc. (GOOG) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
GOOG finds buyers around 1073.50 for the third day in a row
GOOG closes below its opening price unable to hold early session gains
GOOG unable to break through key resistance level
GOOG fails to close above 100-day moving average
GOOG stuck within tight trading range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

GOOG ended Thursday at 1078.59 losing $3.18 (-0.29%) on low volume. Today's closing price of 1078.59 marks the lowest close since May 8th. Trading $6.82 higher after the open, Google was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for GOOG
Volatility

Thursday's trading range was $13.21 (1.22%), that's below last trading month's daily average range of $21.09. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 1073.47 and 1090.05 which it has been in now for the last three days.

Price Action

After moving higher in the previous session, the share closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Unable to break through the key technical resistance level at 1083.46, Alphabet closed below it after spiking as high as 1086.71 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market found buyers again today around 1073.50 for the third trading day in a row after having found demand at 1076.26 in the previous session and at 1073.47 two days ago. After spiking up to 1086.71 during the day, the stock found resistance at the 100-day moving average at 1082.14.

Trend

GOOG shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Selling could speed up should prices move below the close-by swing low at 1073.47 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Alphabet Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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