Stock of the day: Google

By Tomasz Wisniewski|

Published: December 27 2024, 20:21 GMT+0

Stock of the day: Google

A potentially bearish formation is emerging on Google’s chart, marked with a blue rectangle that highlights a possible head and shoulders pattern on local tops. While the long-term sentiment for Google remains positive, this pattern signals caution for traders. The key level to watch is the orange horizontal support, which represents the previous high from July.

If the price closes a day significantly below this orange support, it would confirm a false breakout to the upside, activating the bearish potential of the head and shoulders pattern. Such a move would generate a clear sell signal, potentially leading to a deeper correction.

Conversely, if the price manages to stabilize, moving sideways or even climbing slightly higher, it would invalidate the bearish pattern. This would reinforce the ongoing bullish sentiment and could signal a continuation of the long-term uptrend.

The next few trading sessions will be critical in determining the outcome of this formation. Traders should monitor the price action closely, especially around the orange support level.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-google-5

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