Alphabet
Google Cup & Handle Pattern Google has formed Cup Handle Pattern on daily timeframe chart. This is bullish pattern, we can take swing trade here.
Entry:
We can go Long after close of bullish candle above the resistance zone as marked on chart.
Target:
Usually for Cup & Handle Pattern target is equal to the depth of cup, we are going to keep the target near the next resistance zone.
Stoploss:
We can keep the stoploss below the resistance zone.
Google in a Bear gripGoogle shares are being battered badly due to revenue miss and may continue for a while.
Currently its in oversold zone so shorting wont be a good idea. for uptrend to continue or reversal it needs to close above it resistance and close above it on monthly charts.
Below are possible support for the share in coming year
89 (first support)
72 (strong support)
64 (Super strong support)
The move in google shares will be very swift.
Google Bear Phase AnalysisGoogle had a good bull run last year, making all-time high each & every day, but due to global cues in Jan end, it crashed 16% from the recent high in just 10 sessions, which lead to creating a supply zone at the top. It tried 4 times in the past 5 months to clear the supply zones but due to high supply presence, it failed 3 times, recently due to earnings euphoria it cleared the supply zone indicating to fresh the bull run.
Thanks to its great results which made it break the ascending channel.
It may consolidate till the demand zone (as per Fibonacci Retracement) & resume its bull run.