Alphabet Overbought on Hourly AHead of Quarterlies

26 Jul 2021

Google is in the bullish area on the daily chart on the left. The hourly EMAs and stochastic are in bullish mode and potentially align short-term traders with the daily. The stochastic is above 80 level and maintenance here (blue arrow) increases the chance of a successful trade. However, the RSI is overbought (blue shaded area) and a pullback may give a better risk-adjusted entry, as the oscillator normalises. Trend following indicators may be useful in this case as a potential exit tool. Stop under hourly support in conjunction with risk management techniques. Revenue is expected to be 55.95bn ($38.3 bn) and EPS is forecast at $19.19 ($10.13).