Downward Pressure Persists: GOOG, BRK, and AAPL Face Bearish Trends
1. $Alphabet(GOOG)$ $Alphabet(GOOGL)$ Faces Resistance: Gap, Bollinger Bands, and Bearish Signals
The daily chart of Alphabet presents a confluence of technical factors that warrant attention.
Gap Unfilled: GOOG has a historical tendency to fill gaps.
Bollinger Band Rejection: It often experiences resistance after surpassing the upper Bollinger Band. This could be the case again.
Bearish Technical Indicators: The stochastic indicator is curling down, suggesting weakening momentum. Additionally, a potential bearish crossover on the MACD indicator is forming.
The 20-day moving average (20DMA) appears to be a minimum level to test.
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2. $Berkshire Hathaway(BRK.B)$ $Berkshire Hathaway(BRK.A)$ : A Non-Tech Beacon in a Consolidating Market
Berkshire Hathaway reinforces the thesis of price consolidation in the overall market. As published yesterday, this is a top 10 holding within the $S&P 500(.SPX)$ , and since this is a company not solely focused on technology, BRKB's performance is worth watching.
A recent bullish crossover on the MACD indicator suggests a potential uptrend for BRKB. Additionally, the volume profile highlights price consolidation likely occurring between $405 and $415 before a continuation of the uptrend later in 2024.
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3. $Apple(AAPL)$ at a Crossroads: Bull Run Stalled or New Uptrend Forming?
AAPL daily chart shows a notable development: after a week of price stagnation, the candles have settled back below the Bollinger Band. Historically, AAPL often faces resistance after exceeding the upper Bollinger Band, leading to a price correction towards the 20-day moving average (20DMA).
Interestingly, since 2009, only February 1st, 2017, and January 25th, 2012, saw AAPL defy this pattern and continue an uptrend.
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