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 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.

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