GOOGL pops to highest close since March 26th
Alphabet Inc. (GOOGL) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (GOOGL as at Apr 16, 2018):
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.
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.
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.
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.
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.
With three out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are AMZN gaining 0.75% and AAPL closing 0.62% higher. On the flipside the worst performer has been NFLX closing -1.24% lower. Read more