GOOGL closes within previous day's range after lackluster session

Google Inc Class A (GOOGL) Technical Analysis Report for Sep 14, 2018

Highlights

Traders officially love to sell GOOGL against 1188.00 level
GOOGL dominated by bears dragging the market lower throughout the day
GOOGL still stuck within tight trading range
GOOGL closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 37% Bearish
Technical Forecast:

Overview

GOOGL ended the week 0.03% higher at 1177.98 after edging lower $4.16 (-0.35%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for GOOGL

Volatility

Friday's trading range was $14.48 (1.22%), that's below last trading month's daily average range of $20.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 1165.95 and 1190.94 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to a key support level at 1165.95. Prices are trading close to the key resistance level at 1192.01. The stock was sold again around 1188.00 after having seen highs at 1187.86, 1190.69 and 1190.94 in the last three trading sessions. Obviously there is something going on at that level.

Trend

While the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 1190.94 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 1165.95 where further sell stops could get activated.

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 Google Inc Class A

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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