Hello everyone , as we all know the market action discounts everything :)
_________________________________Make sure to Like and Follow if you like the idea_________________________________
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 !!
Mostly like to pull back to 2500 to 2600 and then go up again reaching 3000 by October (earnings).
GabiDahduh
⋅
@starsora04 it's the alternative scenario, I wouldn't be surprised if that happened but I am amazed how well the stock is doing
UnknownUnicorn7245819
⋅
@GabiDahdouh, The company fundamental is good with growth potential. It has probably one of the best trend out of the big tech, even better than MSFT. It hasn't closed below the 50 SMA since early January. I expect this stock to keep going, and I am looking to pick up some once it pull back to 2600. Like they said, trend is your friend and don't buck it.
GabiDahduh
⋅
yeah I agree, all the data from the stock is really good and we have good fundamental news and good technical indicators