Alphabet Inc, the holding company of Google will report its Q3 2019 earnings on Mon, 28Oct after the close of the U.S. session. Consensus adjusted EPS and revenue forecasts are pegged at $14.59 and $23.72bn respectively. My colleague, Ken Odeluga has written an earnings preview report earlier (click here for a recap).
We will now decipher the share price of Alphabet from a technical analysis perspective.
Medium-term technical outlook on Alphabet (GOOGL)
click to enlarge charts
Key Levels (1 to 3 weeks)
Intermediate support: 1215.50
Pivot (key support): 1164
Resistances: 1291.44 & 1404/1421
Next support: 1074
Directional Bias (1 to 3 weeks)
Bullish bias in any dips above 1164 key medium-term pivotal support and a clearance above 1291.44 is likely to open up scope for another potential impulsive upleg sequence to target the next significant major resistance zone at 1404/1421.
On the other hand, a break with a daily close below 1164 put the bullish tone on hold for a corrective slide to retest the upper limit of a major support zone at 1074.00 (the median line of a long-term secular ascending channel from Aug 2004 low & 76.4% Fibonacci retracement of the up move from 03 Jun low to 26 Jul 2019 high.
Charts are from eSignal
Original from: www.forex.com