Google Daily Technical Analysis | 2 October 2017
2017-10-02 04:12 pm | Resource: Technical Analysis Section | No Views : 304
We noted in a previous report that the search engine arrow broke the neckline of a double bottom pattern on the hourly interval and currently faces the 958.78 resistance level close to the target of the pattern. We recommend closing the side of the open positions on the stock.
The rate of change is trading in a bearish direction and does not indicate a decline in the buyers' resolve in the stock.
It is expected that if a breach of 958.78 could target the 964 level, a breach of 958.78 could target 942.40 again.
Support: 942.40 - 918.3 - 873.75
Resistance: 958.78 - 980.41 - 988
Wall Street opened higher on Thursday after the US Federal Reserve cut interest rates by 25 basis points to 1.75% -2% due to lower inflation and global economic outlook. The move was first criticized by President Donald Trump, but he later described it as "good." Meanwhile, oil prices rose as reports indicated that Saudi Arabia might not be able to meet demand in the wake of Saudi Aramco attacks and…
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