Waiting for a good chance to buy Alphabet Inc (GOOG) shares?
Better keep your eyes locked on this short-term range!
Alphabet Inc (GOOG): 4-hour
Alphabet Inc (GOOG) 4-hour Chart
Ready for another support bounce on GOOG?
This stock has been moving sideways inside a range with resistance at $120 and is closing in on the support zone around $106.65.
There seems to be a strong likelihood for a bounce since technical indicators are suggesting that bearish pressure is winding down.For one, the moving averages might be bracing for an upward crossover, as the gap between the 100 SMA and 200 SMA has narrowed significantly.
At the same time, Stochastic is indicating oversold conditions or exhaustion among sellers. Buyers might take advantage of this opportunity to jump back in!
If so, Alphabet Inc shares could recover to the top of the range or at least until the area of interest around the middle.
Just don’t forget to pay attention to market sentiment since risk-off flows seem to be dragging U.S. equities lower recently. It doesn’t help that investors are on the lookout for a recession again, thanks to the lockdowns in China.
Still, it’s worth noting that Google is well-positioned with its revenue streams to weather a potential economic downturn. Analysts have noted that, even with a slowdown in advertising profits, the company’s cloud services business might keep gaining momentum.
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