Alphabet (GOOGL) Earnings Selloff: Is This A Buying Opportunity?

Steve Miller
googl stock chart image price cycles alphabet stock analysis lower february year 2020

Alphabet (GOOGL) Weekly Chart Grid

Alphabet (GOOGL) reported earnings after-hours on Monday, bringing a big selloff in the stock price.

The company reported EPS of $15.35, which beat consensus estimates of $12.53. Revenues came in at $46.08B, which missed consensus estimates of $46.94B.

Let’s see what the stock chart tells us.

At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

alphabet stock price analysis indicators bearish lower ticker symbol googl february year 2020

askSlim Technical Briefing: The weekly cycle analysis suggests that GOOGL is in a very positive intermediate-term pattern and is due to form a bottom. The next intermediate-term low is due in early-to-mid February. Weekly momentum is positive.

On the upside, there is an intermediate-term Fibonacci projection/target zone from 1533.28  1552.76. On the downside, there is an intermediate-term Fibonacci support at 1420.95 followed by a zone of support from 1371.68 – 1331.86. Our analysis suggests that for the bears to regain control of the intermediate-term, we would likely need to see a weekly close below 1292.04


askSlim Sum of the Evidence: GOOGL has a positive intermediate-term cycle pattern with positive momentum.Given these conditions, we would expect any downside to be limited to the upper intermediate-term Fibonacci supports beginning at 1421. Once the next intermediate-term low forms, there is a likelihood of the stock reaching 1533 by May.

Interested in askSlim?

Get professional grade technical analysis, trader education and trade planning tools at askSlim.com. Write to matt@askslim.com and mention See It Market in your email for special askSlim membership trial offers!

Twitter:  @askslim

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.