Red day on Friday for Google
(Updated on Dec 01, 2023)
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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 $121.55 and $138.42 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.
GOOG Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Google stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $136.94 and $134.38. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, November 22, 2023, and so far it has fallen -4.79%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Google stock
Google finds support from accumulated volume at $126.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.34 (1.01%) between high and low. For the last week, the stock has had daily average volatility of 1.87%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GOOG) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Alphabet Inc. to open at $132.99, and during the day (based on 14 day Average True Range), to move between $130.63 and $136.01, which gives a possible trading interval of +/-$2.69 (+/-2.02%) up or down from last closing price. If Alphabet Inc. takes out the full calculated possible swing range there will be an estimated 4.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $133.92 (0.45%) than the support at $126.67 (4.99%), 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?
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.
Current score: -4.510 Open Broker AccountSell Candidate Unchanged
Predicted Opening Price for Alphabet Inc. of Monday, December 4, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 4, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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