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Archive
- 4/5/2024 -
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Google Inc. (GOOGL) Technical Analysis
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| Summary:
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| | It was a fourth consecutive positive week for the Google Inc. (GOOGL). During the week, the GOOGL gained 1.57 points, or 1.04%, and closed at 152.50 on Friday, April 5, 2024. Weekly volume was -7% below average.
 Long-term trend: [See GOOGL long-term trend chart]
A long-term downtrend had started on February 2, 2022 at 3030.93 and reached 83.34 on November 3, 2022. GOOGL lost 2947.59 points, or 97.25%, in 39 weeks. The chart has formed a Rectangle chart pattern. The trend support level is at 139.25 and resistance is at 160.64. A rectangle chart pattern is characterized as a short-term horizontal channel and represents a trading range and indecision area that is usually resolves in the direction of the main trend. Chart analysis usually considers a rectangle pattern a continuation formation, but it can also mark significant top and bottom. A rectangle pattern within younger parent trend has more chances to mark a continuation. Use the following link to access a Rectangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rectangle pattern in a long-term trend.
 Medium-term trend: [See GOOGL medium-term trend chart]
A medium-term uptrend had started on November 3, 2022 at 83.34 and reached 155.74 on April 1, 2024. GOOGL gained -72.40 points, or -86.87%, in 73 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 134.71 and resistance is at 163.10. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See GOOGL weekly technical indicators chart]
Weekly technical indicators are neutral. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The weekly MACD line is above its signal line since October 14, 2022. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See GOOGL short-term trend chart]
A short-term downtrend had started on April 1, 2024 at 155.74 and reached 149.60 on April 5, 2024. GOOGL lost 6.14 points, or 3.94%, in 4 days. The price is now at the 47.23% retracement level.
Daily Technical Indicators: [See GOOGL daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.
The daily MACD line is above its signal line since March 12, 2024. The distance between MACD and the signal line is low and getting smaller.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
 Candlestick pattern: [See GOOGL candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.
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