- Google had a tough trading session on Friday, as we have seen stocks in general fall.
- This was mainly due to the Non-Farm Payroll numbers being so horrific, and therefore I would read too much into how Google perform, because it’s been strong for some time, so as traders panicked during the session, it does make a certain amount of sense that they would take profit in a market that has been so strong.
- However, this sets up a potential buying opportunity for those who haven’t had an opportunity yet.
Technical Analysis
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The first thing that I see on the chart is that the $185 level continues to be important, and I think that it is worth paying close attention to as far as support is concerned as it was previous resistance. The 50 Day EMA is sitting just below the $180 level and rising. I think that could end up being a nice support level as well. In other words, I do believe Google will continue to see strength, which makes a certain amount of sense considering that it’s one of the giants when it comes to the “magnificent 7”, which of course drives the entirety of the markets. Ultimately, as long as the idea that artificial intelligence will continue to drive the market higher is intact, Google will end up being a beneficiary.
To the upside, I think that the $200 level is worth watching, because it is a large, round, psychologically significant figure, and an area that I think a lot of people will be watching closely. If we were to break above there, then we just simply continue to go much higher. As far as shorting is concerned, I have no interest whatsoever in trying to do so against Google, because it is one of the Wall Street darlings and therefore it’s only a matter of time before traders would step back into it and try to pick up more.
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