Sep 17, 2020, 10:55:45 AM
Alphabet Inc. (GOOG/NASD): general analysis
Current trend
In the shares of Alphabet Inc. there is a 12.2% drop from a 52-week high of September 2. At the moment, the issuer's quotes are traded near the monthly minimum. At the end of September, the company will unveil a new version of the Pixel 5 smartphone with 5G support, Chromecast digital media player, and Google Home speaker. The company launched a test version of the new YouTube Shorts app in India as an analogue of TikTok.
Over the past week, the shares of Alphabet Inc. decreased by 2.32%. The S&P 500 Index dropped by 0.40% over the same period.
Support and resistance
The issuer went down. #GOOG quotes renewed local minimums. At the moment, the company's shares are consolidating within the range of 1500.00–1580.00. There is potential for further correction. Indicators do not give accurate signals: the price has fixed between MA (50) and MA (200); MACD is in negative area. It is better to open the positions from the key levels.
Comparative analysis of multiples of the company and competitors in the industry shows the neutrality of #GOOG.
Resistance levels: 1580.00, 1660.00, 1730.00.
Support levels: 1500.00, 1460.00, 1390.00.
Trading tips
Short positions may be opened after the price consolidates below 1500.00. The closing of the profitable positions is possible at the levels of 1440.00, 1400.00, and 1340.00. Stop loss – 1560.00.
Long positions may be opened after the price consolidates above the level of 1580.00 with the targets at 1680.00–1750.00. Stop loss – 1520.00.
Implementation period: 3 days.
Scenario
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Timeframe
Intraday
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Recommendation
SELL STOP
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Entry Point
1500.00
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Take Profit
1440.00, 1400.00, 1340.00
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Stop Loss
1520.00, 1560.00
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Key Levels
1390.00, 1460.00, 1500.00, 1580.00, 1660.00, 1730.00
Alternative scenario
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Timeframe
Intraday
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Recommendation
BUY STOP
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Entry Point
1580.10
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Take Profit
1680.00, 1750.00
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Stop Loss
1520.00
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Key Levels
1390.00, 1460.00, 1500.00, 1580.00, 1660.00, 1730.00
