Anthony Speciale Stock Market Analyst

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Where is Google Stock Going Next?

Today, we’re going to talk about Google’s parent company, Alphabet Inc. (GOOGL), and fully breakdown the upside and downside opportunities.

Today, we’re going to talk about Google’s parent company, Alphabet Inc. (GOOGL), and fully breakdown the upside and downside opportunities it holds from my analysis perspective.

Without further ado, let’s get right to the chart, as it tells us the entire story!

Daily Chart of Alphabet Inc. (GOOGL) — Source: TradingView

Above is the chart for GOOGL Class A stock on a daily timeframe.

Price action is tightening nicely within the short-term teal channel formation.

So, what are we looking for from here?

Well, if price were to settle on a daily basis above the teal channel top, which is serving as resistance, we could see price rally towards the ascending black channel top.

That could be followed by the blue primary channel resistance and then finally followed by the black full channel extension.

To the downside, a weekly settlement below the blue channel structure should likely press the price to complete what’s known as a full channel extension.

That could take the price towards the lower blue support structure, which is also conveniently located at approximately the 50% retracement from the March 2020 low to the recent all-time highs.

Price seems to find more resistance on the way up than it does support on the way down. The downside rotation could transpire much more quickly in perhaps two to three months.

If I were trading this short, I’d be selling half of my position at the mid-channel point, moving my stop to breakeven and letting the trade ride out the balance of the way down.

The upside grind could easily take at least three to five months. If I were to trade this long, I’d be removing my position in thirds, one third at each resistance structure.

Once the first resistance structure is tested, I’d want to get my stop to breakeven. Once the second has been acquired, I’d move my stop to my first target and let the balance of the trade transpire.

There’s no need to turn a winning trade into a losing trade… EVER!

Rules to Live By

Whatever you are, be a good one.
Abraham Lincoln

Until next time, I wish you a beautiful and blessed day!

Yours In Trading Success,

Anthony Speciale Jr.

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