Google stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on Nov 25, 2022)
The Google stock price fell by -1.24% on the last day (Friday, 25th Nov 2022) from $98.69 to $97.46. During the last trading day the stock fluctuated 1.27% from a day low at $97.40 to a day high of $98.64. The price has been going up and down for this period, and there has been a 3.89% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -4 million shares and in total, 10 million shares were bought and sold for approximately $943.87 million.
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The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $97.43, a level that may pose a second chance to hit a runner. According to fan-theory $115.18 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $97.52. On a fall, the stock will find some support from the long-term average at approximately $95.81. 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. 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. A sell signal was issued from a pivot top point on Wednesday, November 16, 2022, and so far it has fallen -1.49%. 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.
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Support, Risk & Stop-loss
Google finds support from accumulated volume at $94.93 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 $1.24 between high and low, or 1.27%. For the last week, the stock has had daily average volatility of 2.40%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Monday 28th
For the upcoming trading day on Monday, 28th we expect Alphabet Inc. to open at $97.83, and during the day (based on 14 day Average True Range), to move between $94.43 and $100.49, which gives a possible trading interval of +/-$3.03 (+/-3.11%) up or down from last closing price. If Alphabet Inc. takes out the full calculated possible swing range there will be an estimated 6.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $99.97 (2.58%) than the support at $94.93 (2.60%), 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 we believe that 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 Buy to a Sell candidate.
Current score: -1.458 Open Broker AccountSell Candidate Downgraded
Predicted Opening Price for Alphabet Inc. of Monday, November 28, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 28, 2022||Current price|
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About Alphabet Inc.
Alphabet Inc. provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of ap... GOOGL Profile
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