Overview:
Google one-year reading for 2024
Status: November 14th, 2023 10:30 p.m. Eastern time, reading price is $135.99.
Behavioral Trends in 2024:
The overall theme and behavior for Google in 2024 is a notable rally. This is crossed, however, with at least one decline that will stand out through multiple support levels on a one-year chart scale. For the most part, this should be a pretty bullish year.
Behavior around the highest high:
Behavior around the highest high includes a notable move on a one-year chart to reach the high. Behavior around the low shows bumping along resistance sideways near the low. The high and the low of the year are in close time proximity to each other, either within a couple of weeks or moving straight from a high to a low or vice versa without much back and forth in between. The highs and lows are likely within close time proximity to each other. Timing may be slightly off by plus or minus two weeks, but the sequence of events will remain accurate.
Sneak Preview for 2025
The preview for 2025 shows an opportunity to open up a long position amidst a decline.
Highs and Lows in 2024 and 2025
In 2024, it’s difficult to determine the exact sequence of events. However, the completion card appears in 2024, putting things back on track. There is a likely higher price level in 2024 than in 2021.
Long and Short Positions in 2024
It is advisable to exit long positions by the end of 2024. There are a few key points where the highest highs and lowest lows are expected, particularly in January and February. Higher price levels are anticipated in June and possibly October and December. In June, a significant decline is expected, providing an opportunity to open a short position which can be closed around the cusp of July-August. Accumulating a long position might be considered thereafter but taking profits before the end of the year is recommended. The price level in 2024 is expected to exceed $170.
Conclusion
The preview for 2025 indicates opportunities for strategic positioning amidst declines. In 2024, key highs and lows provide points for entering and exiting positions, with a focus on taking profits before the year’s end. Higher price levels are expected throughout the year, particularly exceeding $170 for Google.
Monthly Overview:
JANUARY:
In early January, there is a rally that is halted by a decline through a significant support level on a multi-day scale. There is a notable decline through multiple support levels to reach the low of January. Late January sees a lot of erratic behavior back and forth through the same price level. A crest is revisited in the midst of that erratic behavior, which could be a past opportunity from 2023 or an opportunity repeating itself in January. The high involves sideways rotation and revisiting an opportunity at a support level while rotating sideways near the high. In many 2024 readings, there is a high and a low starting the year within close time proximity to each other. For instance, with the S&P, there is a low, a high, and possibly another low, indicating a lot of back and forth. It suggests both a high and a low in January, possibly occurring twice, but at least one high and one low are expected in January.
FEBRUARY:
In February, we can expect to go from a low to a high to a low. In early February, there is a notable rally into the upper end of a range, bounded by February’s high, followed by a significant decline. An important resistance level will stand out in late February, which is a cross-reading congruency with the 10-year. There is probably rally from a low around the end of January or on the cusp of January-February, then the low and is revised followed by the high. This important resistance is highlighted near the high towards the end of the month.
MARCH:
Between late February and early March, there are three pokes through that resistance, followed by a sharp decline off the third poke, taking the market down to and through supports to meet second support. A U-shaped reversal occurs below that support, coming back to reuse it as support, creating a March trough. A rally out of a mid-month trough takes the market back to a significant crest or peak at the end of March. The rally along a diagonal trend line ends with a fast sudden move higher, taking the market through that crest or peak, which will be the high for March.
APRIL:
As we enter April, there will be a notable decline into a trough. A high and highest high, along with a lowest low thus far are seen in February and March. New highs will be seen in April. In April a low is highlighted at the beginning of the month and the end of the month. There is a peak in mid-April, a near-overbought peak that sells off. The high in April should be mid-month, with a lot of price changes and significant trade opportunities. An important support level is highlighted around the cusp of April and May. There are probably three lowest lows thus far, and the highest high is coming up soon with a prominent low.
MAY:
A prominent peak forms in May, ending in early May on a one-year chart, followed by a lot of price change. There’s a rally into that price level that increases with momentum moving forward into that peak in early May, accompanied by a lot of volatility. We also see a May low in early May, so both a high and low occur close to each other. The sideways rotation occurs in late May, with another trough around the cusp of May and June.
JUNE:
A rally in June meets a key resistance, most likely the highest high established thus far. There is another prominent peak that we rally into in mid-June. Then, we decline from that resistance with consecutively lower spikes on the way down, and the decline increases with momentum.
JULY:
Moving forward into early July, the decline offers a trade opportunity. Out of the July low, there is a big move to the upside, reaching for distant resistance. A failed attempt to break through key resistance at the July high is followed by a decline through key support. Then, we rotate sideways along support at the end of July. There is another big move to the upside to a peak or highest high.
AUGUST:
In August, there is a rally along a diagonal trend line and then a rotation sideways near the high, with a fast move higher marking the end of that rotation and taking us to a high. This is followed by a notable decline standing out on a one-year chart. As we exit August, there are price swings near the August low with a lot of volatility.
SEPTEMEBER:
In early September, an overbought peak at the September high is sold off, which may be at the same price level as in August, indicating cross-reading congruency. The highest high for the year occurs towards the end of the year based on this cross-reading congruency. The highest high for the year, and probably for the 10-year period, is likely to take place in Q4
OCTOBER:
In October, there is a notable decline off the highest high at the end of September. We revisit lows with a notable decline in early October. It is hard to say if it’s the same price level as the July low, but it appears to be the same price level.
There is a fast sudden move higher in late October after seeing that low, taking us to a failed attempt to break through resistance.
NOVEMBER:
In early November, there is likely another highest high. The failed attempt to break through that resistance is followed by a decline through key support, creating a U-shaped dip near the November low. There is a lot of mixed behavior back and forth within a channel in late November, with some sideways behavior as we approach the high.
DECEMBER:
As we enter into December, there is probably the highest high again, possibly even breaking out through it. There is a lot of volatility near the highest high. In early December, there is a full retracement of the move higher as we move into late December.