GOOG unable to break through key resistance level
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.
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.
After moving higher in the previous session, the share closed lower but above the prior day's open today, forming a bearish Harami Candle.
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.
GOOG shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling could speed up should prices move below the close-by swing low at 1073.47 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Bearish Bounce off SMA 100||TQ Pro Members Only|
|Low close to previous two Lows||TQ Pro Members Only|
|Bearish Harami Candle||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
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