GOOG broke above Fib 61.8 on weekly chart! Confluence of levels!
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
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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.
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.
Buy and hold GOOGL for the next 5 to 10 years. Still undervalued has a lot more to run.
Trying its hardest to stay near 130. If this drops to below 129, better start worrying.
even if it was trading around 150 at the moment it still would be undervalued
why suddenly the whole market dropped including GOOG...
Needham analyst Laura Martin reiterates Google with a Buy and maintains $140 price target.
Goggle is the Anchor in these troubled times. Buy it and save yourself from turmoil. I was in Banking stocks but got scared and put a hold on the Anchor.
low pe here ..guys you should move to msft or shopify or roku ...even nividia could be ripe after moving about 200 based on ai
The problem with Google is that there is no money in the world that can make its market cap increase 50%.
Chart is technically very bearish , add the market is overbought, and we up 30% in a few months.
Google is the cheapest among the magic 7, I like what I use everyday.