Google stock price (NASDAQ: GOOGL) is up 13.44% since its October lows. The stock has shown a strong rebound in November and the outlook is looking very bullish. However, the price is yet to break above its yearly highs, which may change soon.
On Wednesday, the stock of the tech giant fell 1.02% on a day when the NASDAQ 100 index was up 0.27%. The overall tech sector is showed mixed sentiment today due to some profit-taking after the Thanksgiving holiday.
After four consecutive weekly surges, Google shares have turned red this week. The stock is struggling to break out of the weekly engulfing candle which was printed in the third week of October. This is just a few points below its yearly peak of $141.22.
If we analyze NASDAQ: GOOGL on a high timeframe, we can see that the stock has formed a lower low on the weekly chart. As a result, the Google stock price needs to close a week above $141.22 for a bullish continuation. If this happens, the price may immediately retest the demand zone which lies above $143 or even a new all-time high.
This post was last modified on Nov 29, 2023, 16:33 GMT 16:33