Google | Looking For The Next Target

12 dic 2022

Alphabet Inc (Google) peaked in November 2021... With one last hurray in January 2022 that wicked higher.

The All Time High came in January this year but only by a wick as the weekly candle closed much lower.

We have a year long downtrend already.

Time does fly by when one is not paying attention.

We opened this chart out of curiosity.
Since the Nasdaq100 (NDX) index is set to crash, all these companies are likely to follow and the charts are matching this statement.

The good thing is that a bottom is getting closer and closer, maybe just another 6/7 months for these stocks but still too early for us to say.

The main support we are looking at is sitting at 72.38.
89.42 is the immediate support.
We see rejection after rejection each time Google closes above EMA10 and tries to move up.

No relief rally here, not even when the SPX and DJI had a relief for several months.

Will there be a relief now for Google?
Not likely, don't think so.

These stocks/companies have been growing for decades, the market moves in cycles.
We are bound to see additional bleeding before a return to sustained growth.

Around 68 is our mid-term target.
For the bottom... We will have another look at this chart in 3 months.

Namaste.