Trade of the Day – Alphabet Inc. (NASDAQ: GOOGL) February 19, 2024 89

Trade of the Day

Alphabet Inc. (NASDAQ: GOOGL)

(Current Price: US$140.52) – TECHNICAL SELL

Sell price: US$140.52     Stop loss: US$146.50 (-4.26%)    

Take profit 1: US$128.50 (+8.55%)     Take profit 2: US$121.50 (+13.54%)   

 

 

(1) & (2): Alphabet Inc. broke down a rising wedge formation, coupled with a lower high and lower low formed after a gap down post-earnings release, which provides a bearish reversal signal

(3): Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are displaying decreasing momentum which supports the bearish view

We believe should the price continue its bearish momentum, it could head towards take profit level 1 at US$128.50 to retest a previous swing low support in December 2023, which had also acted as a horizontal range support level from July to September 2023

It could then head lower towards take profit level 2 at US$121.50, to retest a lower swing low support in October 2023

Expected timeline of the trade is 2-12 weeks from the date of report issuance

 

This counter is available for CFD trading and is available on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here

       

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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