GOOGL price action is showing bullishness as Alphabet stock continues to hold the gains on the top in the bullish territory and neglect the rejections. However, mighty bears continue to make short positions and try for a corrective move in the stock.
GOOGL stock showcased bullishness and persisted in holding the gains over the top. Bulls are accumulating the stock and preparing to surpass $134.33 in the following sessions.
Furthermore, the chart formation indicates bulls’ momentum and signals a positive outlook on the charts. However, Alphabet stock is trying to register a breakout soon and investors have kept an eye on it.
The price action shows a strong chart structure with buyers’ dominance, and long buildup activity was noted in the past trading sessions. Furthermore, sellers were now becoming cautious due to the vertical rally that trapped sellers in the past weeks.
GOOGL’s price was at $129.88 and gained 0.08% of its market capitalization during the day’s trading session. The last 24-hour trading volume was 26.763 Million and the last 10 days’ average trading volume was 26.403 Million. This demonstrates that buyers are trying to accumulate in order to surge toward the upper price range.
Technical Analysis Indicates GOOGL Stock May Skyrocket Soon
Alphabet Inc. (GOOGL) gave a fabulous return throughout the year, giving an outstanding return of 44.98% since the beginning of the year. However, in recent times, the momentum slowed down and the stock got range bound. Moreover, Alphabet stock is trading at $129.88 and has been trying to hold on to this level.
If Alphabet stock can keep this level, the price could continue to go up to touch the previous highs. If a breakout happens, then the stock price may reach the first and second targets of $143.58 and $151.58, respectively. However, if the Alphabet price cannot maintain this level and falls, then it might hit the closest support levels of $126.50 and $115.77.
Currently, Alphabet stock (NASDAQ: GOOGL) is trading above the 50 and 200-day DMAs (Daily moving averages) which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the GOOGL price is expected to move upward giving bullish views over the daily time frame chart.
The current value of RSI is 54.21 points. The 14 SMA is above the median line at 56.55 points which indicates that the GOOGL stock is neutral as of now.
The MACD line at 1.21 and the signal line at 1.54 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the Alphabet stock price.
Summary
GOOGL stock technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing neutral signs and indicate that the uptrend may continue in the Alphabet stock price. The price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for a proper setup for the next move and avoid FOMO.
Technical Levels
- Support Levels: The most immediate support levels for the GOOGL stock price are $126.50 and $115.77.
- Resistance levels: The most immediate resistance levels for the Alphabet stock price are $143.58 and $151.58.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/28/googl-stock-price-prediction-is-151-possible-before-2023-end/