GOOGL pops to highest close since March 26th


Google Inc Class A (GOOGL) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
GOOGL closes above its opening price after recovering from early selling pressure
GOOGL pushes through 20-day moving average
GOOGL unable to break through key resistance level
GOOGL finds support at 20-day moving average
GOOGL runs into sellers again around 1051.43
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

GOOGL ended Monday at 1046.10 gaining $10.06 (0.97%) on low volume. Today's closing price of 1046.10 marks the highest close since March 26th. Trading up to $11.63 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous 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 GOOGL
Volatility

Monday's trading range was $17.51 (1.67%), that's far below last trading month's daily average range of $32.02. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 1015.41 and 1052.98 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Unable to break through the key technical resistance level at 1048.05, Google closed below it after spiking as high as 1051.43 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 1052.98 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 1051.43. After trading as low as 1033.92 during the day, GOOGL found support at the 20-day moving average at 1038.88.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 20-day moving average at 1038.88 today for the first time since March 5th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 1052.98 where further buy stops might get activated. With prices trading close to this year's low at 984.00, downside momentum could accelerate should Google break out to new lows for the year.

Conclusion

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

Market Conditions for Google Inc Class A
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Google Inc Class A traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup

Stocks Top Movers

GBPUSD 1.31350.0120 0.92%
GOLD 1,231.99.4 0.77%
HSI 28,224.48213.62 0.76%
EURUSD 1.17230.0081 0.70%
ASX 6,285.9023.20 0.37%
INDU 25,058.12-6.38 -0.03%
NDX 7,350.23-2.13 -0.03%
FTSE 7,678.79-5.21 -0.07%
NATGAS 2.733-0.002 -0.07%
SPX 2,801.83-2.66 -0.09%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV88.91 -1.04
-1.16%
ACN 10 day candlestick chart for ACN166.52 -0.37
-0.22%
ADBE 10 day candlestick chart for ADBE257.54 -0.14
-0.05%
AAP 10 day candlestick chart for AAP142.67 -0.70
-0.49%
AES 10 day candlestick chart for AES13.03 0.00
0.00%
AET 10 day candlestick chart for AET187.22 -2.82
-1.48%
AFL 10 day candlestick chart for AFL43.06 0.17
0.40%
AMG 10 day candlestick chart for AMG148.84 -0.47
-0.31%
A 10 day candlestick chart for A63.85 -0.30
-0.47%
ABT 10 day candlestick chart for ABT63.32 -0.46
-0.72%