Google (GOOGL): Bullish Reversal in Play – Eyeing $237 TargetBullish Engulfing and Fibonacci Channel Support
Last week’s green candle on the weekly chart of NASDAQ:GOOGL has engulfed the main body of the previous red candle, signaling a potential trend reversal. Moreover, the price has respected a key support level within the Fibonacci channel, further strengthening the bullish sentiment.
Key Observations:
Fibonacci Channel:
The stock is moving well within an upward Fibonacci channel, indicating a healthy uptrend.
Current support is holding at the midline, confirming buyers' interest at this level.
Bullish Candle Formation:
A clear bullish engulfing candle pattern has formed, a strong reversal signal.
Upside Potential:
Based on Fibonacci extensions and channel resistance, the next major target lies at $237, offering a ~20% upside from the current levels.
Moving Averages:
The price is trading above key moving averages (20, 50, and 200-week), reinforcing a strong bullish outlook.
What to Watch:
Volume confirmation will be crucial to validate this move.
Keep an eye on the support at $173.96 and $167.59 (short-term MAs) to manage risk effectively.
💡 Trade Idea:
A breakout above $196 could provide a clear signal to ride this uptrend. Consider trailing stops as the stock approaches $237 to lock in gains.
