Joshs Finance

BZ Chart Of The Day: Is Google About To Bring Down The Market? – Benzinga – Benzinga

Shares of Alphabet Inc. GOOGL may be about to move lower and that could be bad for the entire market.

As you can see on the following chart, GOOGL shares are trading right at an important support level. At these levels, there’s a large number of buy orders. This is why stocks stop moving lower when they reach them.

But if the support breaks, meaning that shares start to trade below the level, it sends an important signal. It could mean the buyers who created the support have left the market.

With this demand for shares out of the way, the stage could be set for a new downtrend to form. The $2,525 per share level is key for this stock.

To learn more about trading, check out the new Benzinga Trading School.

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