July 1 Chart of the Day - Google

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

According to published reports Rosenblatt Securities has downgraded Alphabet's (GOOG, GOOGL) stock to Neutral from Buy and trimmed its price target. The firm cites transitional risks and increasing competition as key factors in its decision.

Since GOOG price recently made fresh all time highs (ATH) and faded some is the downgrade warranted or simply window dressing?

We'll take a look at their chart from a price action technical analysis perspective so you can decide for yourself.

We have featured over 220 Charts of the Day during the past year and teach Price Action Trading for FREE  to traders who join our Highly Rated Trade Room.

Monthly Chart 

On the monthly chart we can see that price recently set a fresh $187.50 all time high (ATH) about a month ago.  

Since then, price is doing what price does when that happens... chilling just below that level.

Whenever price is trading at or near all time highs like this we are often limited in the price action tools that can reliably be used to help identify potential price levels of interest.  

Namely: Fibonacci and Trend

Weekly Chart

 
On the weekly chart we've used an advanced high to high Fibonacci anchor concept for fast trending markets taught exclusively in our Advanced Algo Driven Fibonacci Sequencing Course. (orange Fib)

We've also incorporated a traditional more shallow pull back Fib levels in gray along with some longer term traditional Fib levels in white / gold.

With earnings scheduled for July 23 after market close price may just drift until then and use that news event as a catalyst for its next move - up or down.

Only time will tell for sure what price will do next...

We've layered in traditional support/resistance levels as well as an additional trend line to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?