By Mill Chart
Last update: May 14, 2024
ALPHABET INC-CL A (NASDAQ:GOOGL) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:GOOGL.
ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.
Overall GOOGL gets a technical rating of 10 out of 10. Both in the recent history as in the last year, GOOGL has proven to be a steady performer, scoring decent points in every aspect analyzed.
Check the latest full technical report of GOOGL for a complete technical analysis.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:GOOGL scores a 8 out of 10:
Besides having an excellent technical rating, GOOGL also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 171.95. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 167.70, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GOOGL in the last couple of days, which is a good sign.
To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.
Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.