The stock market has been on a strong bullish trend, especially since the crash in March last year due to the coronavirus breakout. But, the coronavirus turned into a positive for stock markets, as governments and central banks ramped up and threw all the cash they borrowed into the market, prompting the global economy to expand rapidly during the period. is kept in While the stock markets have made some big gains.
Google Daily Chart Analysis – Uptrend resumes
Stock indices have more than doubled since March 2020, with the S&P500 rising from nearly $2,200 to $4,800. Google’s shares have risen by nearly 1,000 points in March last year to over 3,000. The moving average is acting very well as a support, keeping the price in check during the pullback, which has been shallow. Over the past few months, the 100 SMA (green), in particular, has been acting very well as support on the daily chart.
Earlier this month we saw the latest drop in the stock markets, and Google shares retreated as much as 2,800 points. But it looks like the reversal is over, as the price has again climbed above all moving averages over the past two days. We missed a buy opportunity at 2,800, but this is still a good opportunity to buy Google shares.
Alibaba Daily Chart Analysis – 20 SMA Keeping Baba Down
The fall in Baba’s shares can’t stop
It is unfortunate that Alibaba is located in China. After letting it flourish for decades, the Chinese government is now going after the private sector. Alibaba Group has been the most affected by the crackdown on everything related to cryptocurrencies. Alibaba is in the focus of the government for its Alipay service.
Alibaba shares have fallen since last November, following the US presidential election. The downside momentum has picked up and now the 20 SMA (gray) has turned resistance on the daily chart. We decided to put a sell signal there last week, so today we are in profit after the bearish open.