GOOG: Time to buy the DIP? Complete analysis (H,D and W charts).
Hello traders and investors! Let’s see how GOOG is doing today!
First, we see a good reaction today, in the 1h chart, as the support area between the two black lines at $ 2,667 - $ 2,651 is holding the price nicely.
Right now is a good time for a bullish reaction, and GOOG could fill the last gap at $ 2,747.65. However, in order to reverse, we must see a stronger bullish structure, because the trend is still bearish. We see nothing but lower highs/lows, and the 21 ema is descending as well.
This could be a sign of exhaustion, but it is too soon to tell. Let’s look for more clue in the daily chart:
What I find curious is that GOOG is dropping with low volume. Its volume has been below the average since Feb 8, indicating that it is not dropping because of sell pressure. Instead, it just looks weak, and the price will get more and more discounted, until GOOG becomes attractive again to investors.
The weekly chart offers more ideas:
In the weekly chart, GOOG did a Bearish Engulfing last week, just under its 21 ema – not a good sign. It seems it could drop more, maybe to the previous support level at $ 2,492.84, but this is where things get dangerous.
If GOOG loses this support, it might trigger this Head & Shoulders chart pattern, and this will officially trigger a bear market on GOOG. Of course, this scenario wasn’t triggered yet, but it is important to pay attention to the signs it is giving to us right now.
I’ll keep you guys updated on this, so, remember to follow me to not miss any of my future analyses.
First, we see a good reaction today, in the 1h chart, as the support area between the two black lines at $ 2,667 - $ 2,651 is holding the price nicely.
Right now is a good time for a bullish reaction, and GOOG could fill the last gap at $ 2,747.65. However, in order to reverse, we must see a stronger bullish structure, because the trend is still bearish. We see nothing but lower highs/lows, and the 21 ema is descending as well.
This could be a sign of exhaustion, but it is too soon to tell. Let’s look for more clue in the daily chart:
What I find curious is that GOOG is dropping with low volume. Its volume has been below the average since Feb 8, indicating that it is not dropping because of sell pressure. Instead, it just looks weak, and the price will get more and more discounted, until GOOG becomes attractive again to investors.
The weekly chart offers more ideas:
In the weekly chart, GOOG did a Bearish Engulfing last week, just under its 21 ema – not a good sign. It seems it could drop more, maybe to the previous support level at $ 2,492.84, but this is where things get dangerous.
If GOOG loses this support, it might trigger this Head & Shoulders chart pattern, and this will officially trigger a bear market on GOOG. Of course, this scenario wasn’t triggered yet, but it is important to pay attention to the signs it is giving to us right now.
I’ll keep you guys updated on this, so, remember to follow me to not miss any of my future analyses.
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