Google Stock Forecast
Google stock downgraded to Sell Candidate
(Updated on Apr 15, 2024)
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $161.05 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.32% during the next 3 months and, with a 90% probability hold a price between $143.34 and $169.62 at the end of this 3-month period.
GOOG Signals & Forecast
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 $157.46. On a fall, the stock will find some support from the long-term average at approximately $147.10. 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, April 11, 2024, and so far it has fallen -2.77%. 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.
Support, Risk & Stop-loss for Google stock
On the downside, the stock finds support just below today's level from accumulated volume at $148.48 and $141.80. There is a 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, Google finds support just below today's level at $148.48. If this is broken, then the next support from accumulated volume will be at $141.80 and $134.20.
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 $4.68 between high and low, or 3.00%. For the last week, the stock has had daily average volatility of 2.06%.
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 Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Alphabet Inc. to open at $157.77, and during the day (based on 14 day Average True Range), to move between $152.97 and $159.69, which gives a possible trading interval of +/-$3.36 (+/-2.15%) up or down from last closing price. If Alphabet Inc. takes out the full calculated possible swing range there will be an estimated 4.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $156.50 (0.11%) than the support at $148.48 (5.02%), 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.
Earnings coming up
Google will release earnings BMO on Tuesday, April 23, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.49. We will update the financials statements for Google, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.28% in the first trading day after earnings release.
Is Alphabet Inc. stock A Buy?
The Google stock holds several negative signals and despite the positive trend, we believe Google will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -1.835 Sell Candidate Downgraded
Predicted Opening Price for Alphabet Inc. of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $157.77 ( 0.92%) | $156.33 |
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 | 162.45 | 3.91 % | |
| R2 | 160.66 | 2.77 % | ||
| R1 | 159.56 | 2.06 % | ||
| Current price: | 156.33 | |||
| Support | S1 | 155.98 | -0.222 % | |
| S2 | 154.88 | -0.93 % | ||
| S3 | 153.09 | -2.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 160.79 | 2.85 % | |
| R2 | 158.14 | 1.16 % | ||
| R1 | 156.50 | 0.109 % | ||
| Current price | 156.33 | |||
| Support | S1 | 148.48 | -5.02% | |
| S2 | 141.80 | -9.29% | ||
| S3 | 134.20 | -14.16% |
FAQ
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