Weaker technical forecast for Google as stock downgraded to Sell Candidate.

The Google stock price fell by -4.39% on the last day (Thursday, 9th Feb 2023) from $99.37 to $95.01. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 6.84% from a day low at $93.63 to a day high of $100.03. The price has been going up and down for this period, and there has been a -2.57% loss for the last 2 weeks. Volume has increased on the last day by 25 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 119 million shares were bought and sold for approximately $11.30 billion.

Loop Capital is very positive about GOOGL and gave it a "$120.00 - $125.00" rating on Feb 08, 2023. The price target was changed from 120 to 125.Over the last 90 days, this security got 11 buy, 10 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 Google stock with a 90% probability to be traded between $88.01 and $109.43 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.

The Google stock holds a sell 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 giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $102.55. On a fall, the stock will find some support from the long-term average at approximately $93.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, February 02, 2023, and so far it has fallen -11.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Google finds support from accumulated volume at $90.86 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 $6.40 between high and low, or 6.84%. For the last week, the stock has had daily average volatility of 4.90%.

Google holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.