Googl (Alphabet) earnings on 29 Oct - price retraces to previous ALL TIME HIGH - is this an opportunity?

$Alphabet-A (GOOGL.US)$ $Alphabet-C (GOOG.US)$ earnings on 29 Oct 2024 after market close.

Key Points to Note:

1. Breakout from All-Time High: The price recently broke its all-time high of $152 following a bullish cup and handle pattern and has now retraced close to this level (see my weekly chart for details).

2. Support and Resistance Levels: On the daily chart, support is holding at $160, with resistance at $170. The current pattern resembles an inverted head and shoulders, which often signals a potential upward move.

At the time of posting, in Asian trading hours, the price is trading above last Friday’s close, around $167.

What to Expect During Earnings?
Let me know your thoughts in the comments!

Scroll down to read more about the cup and handle and inverted head and shoulders patterns.

If bullish and would want to tap into opportunities before US market opens, then long DLCs $ALPHAB 3xLongSG261006 (USJW.SG)$

If bearish and would want to profit if price should drop, then short DLCs $ALPHAB 3xShortSG261006 (USPW.SG)$

Weekly chart

Daily chart

28 Oct Asia trading price

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For more information about DLCs, visit https://dlc.socgen.com/en/education/handbook

Cup and Handle Pattern:

– Shape: Looks like a "U" (cup) followed by a small dip (handle).

– Indication: Bullish continuation pattern, suggesting potential for further price increase.

– Formation: Cup forms as price rounds out after a drop, followed by a short consolidation dip (handle).

– Breakout: Price breaking above the handle signals potential upward momentum.

Inverted Head and Shoulders Pattern:

– Shape: Three troughs, with the middle (head) being the lowest, flanked by two higher lows (shoulders).

– Indication: Bullish reversal pattern, suggesting a possible trend shift from downtrend to uptrend.

– Formation: Forms as price makes three lows; shoulders represent buyer support at higher levels.

– Breakout: Price breaking above the neckline (connecting tops of shoulders) confirms bullish reversal.

Disclaimer:

This document is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document has been published for general circulation only.

This advertisement has not been reviewed by the Monetary Authority of Singapore. This post is sponsored by Societe Generale, Singapore Branch. The content of this article does not form part of any offer or invitation to buy or sell any daily leverage certificates (the “DLCs”), and nothing herein should be considered as financial advice or recommendation. The price may rise and fall in value rapidly and holders may lose all of their investment. Any past performance is not indicative of future performance. Investments in DLCs carry significant risks, please see dlc.socgen.com for further information and relevant risks. The DLCs are for specified investment products (SIP) qualified investors only.

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籠的傳人288 : From a long term investment perspective, I will only buy more if it drops below further at different levels 160, 150, 140 and etc. Googl is my 2nd largest holdings in my portfolio .

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104642775 籠的傳人288 : 現在可以進場嗎？

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籠的傳人288 104642775 : I'm not a short term trader. I'm a long-term investor like Warren Buffett.

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Binni Ong

SGX Academy Trainer | International Speaker | Angel Investor | Automated System Developer | Made first pot Gold at 18

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