GOOGL climbs to highest close since August 30, 2018
Alphabet Inc. (GOOGL) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team
Moving higher for the 8th day in a row, GOOGL finished Monday at 1253.76 surging $12.29 (0.99%) on low volume, outperforming the Nasdaq 100 (0.31%). Today's close at 1253.76 marks the highest recorded closing price since August 30, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 1245.94, Alphabet confirmed its breakout through the previous session high after trading up to $8.40 above it intraday.
Daily Candlestick Chart (GOOGL as at Apr 22, 2019):
Monday's trading range has been $20.97 (1.7%), that's far above the last trading month's daily average range of $13.99. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GOOGL.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Crossing above the upper Bollinger Band for the first time since March 13th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 1210.21 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on March 11th, GOOGL gained 1.53% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Alphabet. Out of 66 times, GOOGL closed higher 56.06% 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 68.18% with an average market move of 1.60%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are NFLX gaining 4.71% and FB closing 1.77% higher. None of the markets ended the day in the red. Read more