Quick Hits 6/19/2017 – GOOGL & MU
GOOGL & MU
This is a Trendy Stock Charts quick hits article. The purpose of a quick hits article is to really take a peek and check on the progress of a previous analysis for the stock. This quick hits update will cover the ticker symbols GOOGL & MU. Those ticker symbols are for Alphabet and Micron Technologies, respectively.
As a Trendy Stock Charts member, remember that if there are ever any significant deviations from expectations, do not hesitate to stop by the Idea Chamber and ask for an updated analysis on the company and its charts. There are times where the news is so great it does affect the share price to a significant degree that is not in alignment with expectations.
So let's check in on the activity for 2 previous companies I've written about - GOOGL & MU.
Alphabet (GOOGL) and Facebook (FB) are the internet advertising giants. It was estimated that online advertising was up approximately 23% in the recent quarter. These 2 companies stand to benefit the most as they receive the majority of online advertising revenue.
The first chart for Alphabet (GOOGL) is a 1 year daily candlestick chart. The Fibonacci Extension Tool I placed on it is a little hard to read. The 100% Target line amount is $983.27 and the 161.8% Target Line (also referred to as the Golden Ratio) is 1,009.78; GOOGL's share price appears poised to make an attempt at its previous highs.
Short-term, Alphabet (GOOGL) appears poised to make a run at its previous 52 week high. In reaching its short-term Golden Ratio, its share price will reach the $1,009.78 price target.
GOOGL's share price appears to have minimal downside risk at this point. When I say minimal, I anticipate less than 10%. The support area from the Rising Window candlestick pattern is less than 10% lower than the current price for GOOGL. GOOGL's share price did not yet re-test the support area from the Rising candlestick pattern. A bad earnings report would be my guess of how its share price does re-test the Rising Window candlestick pattern support area. Or possibly market conditions deteriorate over the next couple of weeks. Either way, that price area is the area to re-purchase any sold shares or to purchase additional shares.
This next chart is a 3 year weekly candlestick chart. This Fibonacci Extension Tools overlaid on this chart provide for some medium-term price targets.…...
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