Google shares are trying to rally after rebounding from 996 last week. Where the stock closed at on the high of 1048.6 where the moving average 20 is resistance to the price, and if the price is moving below the moving averages 20 and 50, the downward trend is the strongest trend.
The price tries to breach the level of the SMA 20 which constitutes the first resistance level, and the trend towards the SMA 50 which is at the 38.2% Fibonacci retracement level
Looking at the Stochastic, we notice that the index is fluctuating in a sideways course and closed yesterday's session at a bullish cross, and this might help the pair continue to rise if the 20 level crosses.
Support and resistance:
Support: 996-905
Resistance: 1050-1101
The general trend is bearish
Author: Maher Maarouf