By Mill Chart
Last update: Jun 20, 2024
Our stock screener has flagged ALPHABET INC-CL A (NASDAQ:GOOGL) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:GOOGL for potential movement.
ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 10 out of 10 to GOOGL. 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.
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NASDAQ:GOOGL currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.
Besides having an excellent technical rating, GOOGL also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 172.49, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
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.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.