Google Stock Price Forecast: Bearish Price Action Post Q2 Results?

• Google stock price slid 1.28% in the last trading session and is currently trading at $130.15.
• Google’s share price (NYSE: GOOGL) has 7.588 Billion shares in free float accounting for about 60.18% of the total shares indicating high liquidity and marketability in the stock.

Google’s share price has been in a rising trend achieving a return of 35.9% in the past 6 months and 12.33% in the past 3 months. The price has been rising forming higher highs and higher lows. The company has shown continuous growth with a year-to-date return of 11.7%. The past performance has also gone well with a 3-year growth of 72% and 5-year growth of 155%.

Alphabet (NYSE: GOOGL) is more than just a search-engine giant. It has diversified into cloud computing, online streaming, self-driving cars, healthcare, and more. Google dominates the online search market with over 94% share. It has grown its search queries, especially on mobile devices, by attracting more users and advertisers and improving its ad formats.

Google stock option-chain analysis states that the current implied volatility in the market is 28.42% with an increment of 1.84% in the last trading session. The at-the-money strike price has 3869 open contracts on the put side and 2,179 open contracts on the call side indicating the dominance of buyers at the current level. The PUT/CALL ratio is 0.83 indicating a mild bullish sentiment in the market as per the data.

Google Stock Price Prediction Using Price Action Strategy

Google stock has slid down 1.28% in the last trading session to close at $130.15. The stock consolidated near the previous swing high and surged 11% before the disclosure of the results.

However, it could not continue its momentum followed by a profit booking. Now, the short-term outlook for Google Stock price indicates the continuation of the profit booking until the price trend nears a demand zone. Thereafter, the buyers may take control and the price may take a rebound from the lower levels.

The long-term outlook for the stock is positive as the price is already in a strong uptrend and trading above 50 and 200 EMA forming several higher lows. The stock may try to maintain its trend until it faces some major resistance.

GOOGLE  Share Price Forecast from Indicators’ point of view

The price is trading above 50 and 200 EMA indicating a bullishness in the short-term as well as long-term. At the time of publishing, the RSI  indicator is showing a divergence indicating the continuation of the profit booking. 

Conclusion

GOOGL stock price prediction concludes that Google stock fell 1.28% to $130.15 after reaching a high of 11%. The stock may drop further until it finds support from buyers. The stock is still bullish in the long term as it is in an uptrend and above 50 and 200 EMA.

Technical Levels

• Support levels: $120.88 and $116.47.
• Resistance levels: $133.99 and $139.66.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.