Scott isn’t giving up on Google – May 1, 2023


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This is Scott with your Chart of the Day. When it comes to AI everyone is looking at ChatGPT and Microsoft ( NASDAQ: MSFT ). But I wouldn’t give up on Google ( NASDAQ: GOOGL ) just yet.

I have a feeling Google ( NASDAQ: GOOGL ) probably has been studying AI and has a lot of stuff up their sleeve that they just, either, haven’t released yet or maybe they are too afraid to release. And so I am interested to see how Google ( NASDAQ: GOOGL ) plays in AI.

Chart-wise, I like the fact that Google ( NASDAQ: GOOGL ) is above all the major moving averages here, and seems to be bumping up against a pretty clear level of resistance right around that 107.00, 108.00 zone.

You can see how back here in February, that was an area of resistance. We pulled back under the moving averages. A bit of a double bottom here, with a higher low pretty prevalent in early March. Off that zone, we zipped right back up to that 107.00, 108.00 area. Now we are just kind of consolidating around that area.

So I think if Google ( NASDAQ: GOOGL ) can break out above that level and do it on pretty good volume. It could continue this trend higher, and then, potentially, test up here at around 111.00, and then up here at around 122.00. Those are just two potential profit areas that I am looking at if Google ( NASDAQ: GOOGL ) can break out of this short base of consolidation.

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