GOOGL closes below its opening price unable to hold early session gains
Alphabet Inc. (GOOGL) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, GOOGL ended Thursday at 1081.26 losing $2.83 (-0.26%) on low volume. Today's closing price of 1081.26 marks the lowest close since May 8th. Trading $9.51 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 1081.63, the stock confirms its breakout through the prior session's low having traded $5.19 below it intraday. 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 May 17, 2018):
Thursday's trading range was $14.53 (1.34%), that's below last trading month's daily average range of $22.37. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 1089.91, the market closed below it after spiking as high as 1090.97 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 1090.97 during the day, Google found resistance at the 100-day moving average at 1087.02.
GOOGL shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With three out of the other four FAANG Stocks closing lower today, the ones that stand out on the negative side are NFLX losing -0.9% and AAPL closing -0.63% lower. On the flipside the best performer has been FB closing 0.31% higher. Read more