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GOOGL pops to highest close since March 26th


Technical Analysis Report for GOOGL - 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
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.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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