GOOGL: You must watch this KEY POINT closely!
Hello traders and investors! Let’s see how GOOGL is doing today!
In the 1h chart, it is a clear bear trend, as it is doing lower highs/lows. However, we have a key point to watch from here: The dashed line at $ 2,754.
This line was a previous resistance before the Monster Gap after earnings, and when GOOGL lost its strength, it worked as a support for the price. This movement follows the Principle of Polarity in Technical Analysis. Yesterday this line was our resistance again, and this is why this is the most important key point to watch.
Only by breaking this line, we would see GOOGL turning bullish again. What’s even more curious, is that when we look at the daily chart, we see two more resistances at the same price of the dashed line in the 1h chart:
Coincidence or not, the 50% retracement, and the 21 ema are both near the $ 2,754 area, making it a powerful resistance, indeed.
As long as GOOGL remains under this key point, nothing new will happen. However, if it does break it, we might see the end of this bearish sentiment on GOOGL, and possibly even a buy sign.
I’ll watch GOOGL closely from now on, and I’ll keep you guys updated on it. So, remember to follow me to not miss any of my future analyses.
In the 1h chart, it is a clear bear trend, as it is doing lower highs/lows. However, we have a key point to watch from here: The dashed line at $ 2,754.
This line was a previous resistance before the Monster Gap after earnings, and when GOOGL lost its strength, it worked as a support for the price. This movement follows the Principle of Polarity in Technical Analysis. Yesterday this line was our resistance again, and this is why this is the most important key point to watch.
Only by breaking this line, we would see GOOGL turning bullish again. What’s even more curious, is that when we look at the daily chart, we see two more resistances at the same price of the dashed line in the 1h chart:
Coincidence or not, the 50% retracement, and the 21 ema are both near the $ 2,754 area, making it a powerful resistance, indeed.
As long as GOOGL remains under this key point, nothing new will happen. However, if it does break it, we might see the end of this bearish sentiment on GOOGL, and possibly even a buy sign.
I’ll watch GOOGL closely from now on, and I’ll keep you guys updated on it. So, remember to follow me to not miss any of my future analyses.
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