Stock of the day: Google
23 September 2024
I’d like to bring your attention to Google, which has been showing a strong performance over the past few days. The month of September began on a negative note for the tech giant. I previously analyzed Google on September 11th, when it was breaking below a long-term uptrend line and a horizontal support, signaling potential bearish pressure. However, this turned out to be a false breakout, as marked in blue on the chart. False breakouts often lead to a reversal in the opposite direction, and that’s exactly what happened here.
Since then, Google has staged an impressive recovery, with the price climbing higher. This bullish movement has changed the sentiment to positive. As long as the price remains above the yellow horizontal support, the outlook for Google remains optimistic. This area now serves as a key level to watch, providing a solid foundation for further gains. Keep an eye on this support level as it will be crucial in maintaining the current bullish trend.