GOOG broke above Fib 61.8 on weekly chart! Confluence of levels!

Asphen
2023-07-30


Weekly Chart

- A clear break of Fib 61.8 retrace (126) and a strong follow-through

- Fib 78.6 is 138 and full retrace is 152

- Early days of course and good pullbacks can still happen back to 118 or 110 or 105

- Buy channel respected so far

- Will be interesting to watch how it tests 138 upcoming if further bullish near term


Daily Chart

- Buy channel remains in control

- A clear test to 138 is possible which is top of trend channel too

- A big gap between 123 and 130 though (will get filled some days ahead)


My Plays

- Sold puts of 125 and 118 was safe in the recent expiry

- Will continue to sell puts strike 125 and 115 upcoming to capture some shares

- Trying to get hold of some GOOG shares in additions to options. 


Good luck, all

GOOG - DAILY CHART - 29 JULY 2023

GOOG - WEEKLY CHART - 29 JULY 2023

@melson  @LMSunshine  @Deposit  @TigerStars  @CaptainTiger  @macroB  

$Alphabet(GOOG)$ 

Trade plan for MSFT & GOOG after earnings?
Microsoft dipped after the bell as the company called for lower revenue guidance than analysts had predicted. Google, however, beat estimates on the top and bottom lines, sending the stock up as much as 6% in after-hours trading. --------------------- Do their earnings deliver a surprise? How will you trade after their earnings? What's your target price for Microsoft and Google?
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Comments

  • ColinThorndike
    2023-07-30
    ColinThorndike

    Google's AI hype is a modern-day Tulip Bubble. The price of GOOGL goes up and up, not because of its intrinsic value, but because people who buy it expect to be able to sell it again at a profit.

  • YeddaJohnson
    2023-08-11
    YeddaJohnson

    In fact, contracts justify a 120 level. So I'm out even though I'm bullish on Google long term. If the call contracts I wrote exp worthless, I'll write more. If they exp in the money, I'll write Puts next week.

    • Asphen: 
      indeed. Good for options.
  • AugustineMac-
    2023-07-30
    AugustineMac-

    Buy and hold GOOGL for the next 5 to 10 years. Still undervalued has a lot more to run.

  • fishinglo
    2023-08-11
    fishinglo

    Trying its hardest to stay near 130. If this drops to below 129, better start worrying.

  • YorkTurner
    2023-08-11
    YorkTurner

    even if it was trading around 150 at the moment it still would be undervalued

  • XantheJuliana
    2023-08-11
    XantheJuliana

    why suddenly the whole market dropped including GOOG...

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