Googl (Alphabet) earnings on 29 Oct - price retraces to previous ALL TIME HIGH - is this an opportunity?
$Alphabet(GOOGL)$ $Alphabet(GOOG)$ earnings on 29 Oct 2024 after market close.
Key Points to Note:
1. Breakout from All-Time High: The price recently broke its all-time high of $152 following a bullish cup and handle pattern and has now retraced close to this level (see my weekly chart for details).
2. Support and Resistance Levels: On the daily chart, support is holding at $160, with resistance at $170. The current pattern resembles an inverted head and shoulders, which often signals a potential upward move.
At the time of posting, in Asian trading hours, the price is trading above last Friday’s close, around $167.
What to Expect During Earnings? Let me know your thoughts in the comments!
Scroll down to read more about the cup and handle and inverted head and shoulders patterns.
If bullish and would want to tap into opportunities before US market opens, then long DLCs $ALPHAB 3xLongSG261006(USJW.SI)$
If bearish and would want to profit if price should drop, then short DLCs $ALPHAB 3xShortSG261006(USPW.SI)$
Weekly chart
Daily Chart
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Cup and Handle Pattern:
– Shape: Looks like a "U" (cup) followed by a small dip (handle).
– Indication: Bullish continuation pattern, suggesting potential for further price increase.
– Formation: Cup forms as price rounds out after a drop, followed by a short consolidation dip (handle).
– Breakout: Price breaking above the handle signals potential upward momentum.
Inverted Head and Shoulders Pattern:
– Shape: Three troughs, with the middle (head) being the lowest, flanked by two higher lows (shoulders).
– Indication: Bullish reversal pattern, suggesting a possible trend shift from downtrend to uptrend.
– Formation: Forms as price makes three lows; shoulders represent buyer support at higher levels.
– Breakout: Price breaking above the neckline (connecting tops of shoulders) confirms bullish reversal.
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