GabiDahdouh

Told about it 3 weeks ago (GOOGL)

Long
NASDAQ:GOOGL   Alphabet Inc (Google) Class A
Hello everyone , as we all know the market action discounts everything :)

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3 weeks ago on july 6 i posted an idea about the Google stock and how its seems to be in a strong bullish movement and today we see that come to life , the price has risen up by almost 12% in the last few weeks alone reaching 2805.07 an all time high .


The price of the stock is at 2721.88 in an upward channel and the Stock bullish movement doesnt seems to be stopping yet as we could be seeing the price hitting the resistance lines at 2797. 40 and 2926.80 which would be huge for the shareholders .

different indicators showing that where :

1) The market price trading way above the 50 MA and EMA .( bullish sign)
2) The RSI is at 82.51 showing great strength in the Stock and sitting in overbought zone with no noticeable divergences.( bullish sign)
3)The MACD histogram showing good momentum with a positive crossover happening ( bullish sign)

The alternative scenario would be if the price dropped down and hit the support line at 2531.00 which could determine the outcome for this stock but the possibility of this happening is around 5% to 9%. note that we did see a shooting star pattern on jul 12 which is a bearish sign but it was proven false when the market jumped up.

After all the long and short term trends are both positive. and Volume is considerably higher in the last couple of days, which is what you like to see during a strong movement up.

Support & Resistance points :
support Resistance
1) 2531.0 1) 2728.9
2) 2401.6 2) 2797.4
3) 2333.1 3) 2926.8

This is my personal opinion , not financial advice.
If you have any questions please ask and have a great day !!

Thank you for reading.