Google (GOOGL) Price Near $1,734.99; Bearish Engulfing Pattern Present, in an Uptrend Over Past 30 Days

The Hourly View for GOOGL

Last Updated November 23, 2020, 15:11 GMT

At the time of this writing, GOOGL’s price is down $-1.8 (-0.1%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GOOGL has now gone down 4 of the past 5 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Alphabet Inc Daily Price Recap

Alphabet Inc entered today at $1736.38, down 1.26% ($22.19) from the previous day. The change in price came along side change in volume that was up 31.75% from previous day, but down 16.79% from the Sunday of last week. Let’s take a look at the daily price chart of Alphabet Inc.

GOOGL

Alphabet Inc Technical Analysis

Volatility for Alphabet Inc has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Alphabet Inc’s price has gone up 19 of the previous 30 trading days. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 30 and 90 day charts, may be slowing down and ready to reverse.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about GOOGL:

    $GOOGL
    Britain's competition regulator said on Monday it had received a complaint about Google related to its market study this year on online platforms and digital advertising.The complaint from a coalition of technology and publishing called Marketers for an Open Web (MOW) said they wanted the Competition and Markets Authority (CMA) to delay the launch of Google's so-called Privacy Sandbox technology.MOW said this would remove features such as login and advertising from the open web and put them under Google control.""We take the matters raised in the complaint very seriously, and will assess them carefully with a view to deciding whether to open a formal investigation under the Competition Act,"" the CMA said in a statement.
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