GOOGL Long Term Analysis

GOOGL Hi guys,

So this is my analysis for GOOGL. Please bear in mind that this is a long term analysis and it could take time to play out.

As you can see GOOGL was in a clear Uptrend (Higher Highs, Higher Lows). We created ATH in November 2021 and since then price tried to break that level in January 2022 but that attempt to break it was not successful.

We created Lower High and finally in April 2022 trendline indicating uptrend was broken. Since then as you can see, price is creating Lower Highs and Lower Lows indicating we are in Downtrend.

Possible reversal zones are Monthly Fibonacci Levels and Historical Demand Zones (where people are BUYING this stock). So that is a pretty nice alignment if you ask me and this are the zones I will be looking to place some buys if we reach them.

For GOOGL to go up we need to break previous Lower High and of course a Downtrend Trendline as you can see on the chart. However, this can happen even now if this Lower Low holds and we start creating Higher Highs and Higher Lows to indicate return of the BUYERS and potential Uptrend, then we just follow the break of each Lower High from the past and that is exactly the point where you can consider taking some profit as these are the points where price is likely to make a pullback.


This is not a financial advice :)
Trade safe

Comment:

For now it looks like a last lower low holding strong.
Price is approaching a strong weekly resistance (lower high) and a downtrend trendline.

Will resistance hold and we will come back down to test those levels?
Or we will break above resistance and downtrend trendline and start a new potential bull market?

Comment:

Amazing price action. Confirming everything I wrote