Google Stock Forecast
Green day on Thursday for Google stock after gaining 0.211%
(Updated on Mar 28, 2024)
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $155.62 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Google stock with a 90% probability to be traded between $133.84 and $156.77 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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GOOG Signals & Forecast
Mostly positive signals in the chart today. The Google stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $151.03 and $143.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 06, 2024, and so far it has risen 14.86%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Google stock
Google finds support from accumulated volume at $148.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.34 between high and low, or 0.89%. For the last week, the stock has had daily average volatility of 1.49%.
The Google stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $145.94 (-4.15%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (GOOG) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Alphabet Inc. to open at $152.09, and during the day (based on 14 day Average True Range), to move between $149.08 and $155.44, which gives a possible trading interval of +/-$3.18 (+/-2.09%) up or down from last closing price. If Alphabet Inc. takes out the full calculated possible swing range there will be an estimated 4.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $153.05 (0.52%) than the support at $148.48 (2.48%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Alphabet Inc. stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Google stock to perform well in the short-term period.
Current score: 4.178 Buy Candidate Unchanged
Predicted Opening Price for Alphabet Inc. of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$152.09 ( 0.114%) | $152.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOOG
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 153.43 | 0.766 % | |
R2 | 152.91 | 0.430 % | ||
R1 | 152.60 | 0.222 % | ||
Current price: | 152.26 | |||
Support | S1 | 151.57 | -0.450 % | |
S2 | 151.26 | -0.658 % | ||
S3 | 150.75 | -0.99 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 154.84 | 1.69 % | |
R2 | 153.64 | 0.91 % | ||
R1 | 153.05 | 0.519 % | ||
Current price | 152.26 | |||
Support | S1 | 148.48 | -2.48% | |
S2 | 141.80 | -6.87% | ||
S3 | 134.20 | -11.86% |
FAQ
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