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Stronger technical forecast for Google stock after Thursday trading.

StockInvest.us, 1 year ago

Alphabet Inc.

The Alphabet Inc. (Google) stock gained 3.34% on the last trading day (Thursday, 29th Oct 2020), rising from $1 516.62 to $1 567.24. During the day the stock fluctuated 4.70% from a day low at $1 522.24 to a day high of $1 593.71. The price has risen in 7 of the last 10 days and is up by 0.52% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 39 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $2.87 billion.

Deutsche Bank Aktiengesellschaft is very positive to GOOG and gave it a "Buy" rating on October 12, 2020. The price target was set to $1,975.00 - $2,020.00.Over the last 30 days, this security got 7 buy, 0 sell and 0 hold ratings.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Alphabet Inc. stock with a 90% probability to be traded between $1 430.67 and $1 748.78 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 roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Alphabet Inc.

The Alphabet Inc. stock holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $1 589.74. On a fall, the stock will find some support from the long-term average at approximately $1 515.87. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Friday, October 23, 2020, and so far it has fallen -4.49%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $1 482.96 and $1 459.99. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Alphabet Inc. finds support just below today's level at $1 482.96. If this is broken, then the next support from accumulated volume will be at $1 459.99 and $1 431.16.

This stock has average movements during a day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $71.47 between high and low, or 4.70%. For the last week, the stock has had daily average volatility of 2.91%.

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 Alphabet Inc. stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy Candidate candidate.

Check full Alphabet Inc. forecast and analysis here.