Technical Analysis – Google stock marginally fades from the all-time-high
December 18, 2019 4:26 pm
Google stock has eased slightly off the fresh all-time-high of 1,363.80 as positive momentum stalled, something also reflected in the short-term oscillators, with the RSI deflecting off the 70 level and the MACD flattening out.
However, positive signals remain intact, with the MACD still above its red trigger line, deep in the positive region and the RSI below the 70 level. Further boosting a positive picture, are the upward sloping simple moving averages (SMAs) and the uptrend line drawn from the low of 514 on July 2015. Moreover, the ADX continues to reflect a strong uptrend in place.
If buyers resurface, immediate resistance could come from the recent peak of 1,363.80 and if overrun, the 1,390 barrier – which is the 138.2% Fibonacci extension of the down leg from 1288 to 1024 – could be next to challenge the climb. Surpassing this, the 161.8% Fibo extension of 1452 may halt further gains towards the 176.4% Fibo extension of 1,491.
If sellers manage to drive below the 1,333 support, the 20-day SMA underneath at 1,323 could hinder the drop to the 1,288 level, where the 50-day SMA is also located. Moving down, the nearby low of 1272 could apply some pressure ahead of the tough 1245 barrier where the 100-day SMA currently resides. Steering past this, the 200-day SMA at 1,200 could move into the spotlight.
In brief, a bullish bias exists in the short and medium-term. Yet, a shift below the 1,159 trough could see a neutral bias return.
Google stock has eased slightly off the fresh all-time-high of 1,363.80 as positive momentum stalled, something also reflected in the short-term oscillators, with the RSI deflecting off the 70 level and the MACD flattening out.
However, positive signals remain intact, with the MACD still above its red trigger line, deep in the positive region and the RSI below the 70 level. Further boosting a positive picture, are the upward sloping simple moving averages (SMAs) and the uptrend line drawn from the low of 514 on July 2015. Moreover, the ADX continues to reflect a strong uptrend in place.
If buyers resurface, immediate resistance could come from the recent peak of 1,363.80 and if overrun, the 1,390 barrier – which is the 138.2% Fibonacci extension of the down leg from 1288 to 1024 – could be next to challenge the climb. Surpassing this, the 161.8% Fibo extension of 1452 may halt further gains towards the 176.4% Fibo extension of 1,491.
If sellers manage to drive below the 1,333 support, the 20-day SMA underneath at 1,323 could hinder the drop to the 1,288 level, where the 50-day SMA is also located. Moving down, the nearby low of 1272 could apply some pressure ahead of the tough 1245 barrier where the 100-day SMA currently resides. Steering past this, the 200-day SMA at 1,200 could move into the spotlight.
In brief, a bullish bias exists in the short and medium-term. Yet, a shift below the 1,159 trough could see a neutral bias return.
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