$GOOG TOP 20
Added 2023-05-07 19:16:12 +0000 UTC$GOOG has intrigued me for the last few weeks because the set up here hasn't changed and the indications are mixed across the board. RSI and MACD are showing a bearish trend together since the stock has moved sideways, the price action continues to work its way through a bear flag too.
The positives: we have seen from $AAPL that even though a set up is in a bearish formation, a positive catalyst can still turn the set up bullish....$GOOG has had their earnings reported and it has not had the same impact as what $MSFT and $AAPL has had.
I am also watching for the 50 Day MA moving to cross the 200 Day MA here too, which is a bullish indication, if it can hold above and not become a fake breakout indication, buyers may step in then. We have identified this possibility on the $INTC chart too.
So What Now?
The set up is not an impulse wave and continues to be held down by the yellow resistance lines. Until the price action can break above these lines and hold, the count remains the same. Fundamentally, $GOOG is not as overpriced as $AAPL, $MSFT or $AMZN, the concern is that they are losing market share from their core business model.
