Google fell sharply last Wednesday, after hitting resistance at 129.40. However, the decline stopped near the 122.20 zone, where the stock found buying interest just yesterday. Overall, Google continues to trade above the tentative uptrend line drawn from the low of March 13 and also above all three of the plotted moving averages. This keeps the near-term picture positive.

The RSI, although it recently exited its above-70 zone, remained above 50 and turned up again. However, the MACD, despite still lying above zero, is running below its trigger line and is pointing down. This keeps the door to another corrective setback open.

If the bulls gather more strength, they may soon challenge the 129.40 zone again. However, the move signaling an uptrend continuation may be a break above 131.40, marked by the high of April 20, 2022. Such a break could see scope for advances towards the 138.00 zone, the break of which could carry extensions towards the 143.85 barrier, marked by the highs of March 29 and April 4, 2022.

Now, in the case of the aforementioned uptrend line being broken, the outlook could be considered neutral, while a dip below 109.50 could turn it negative. Such a break may allow the stock to slide towards the low of April 26 at 103.20 or the low of March 30 at 100.15.

Summing up, despite last week’s sharp retreat, Google remains in uptrend mode as marked by the uptrend line drawn from the low of March 13. However, the move signaling a trend continuation may be a break above 131.40.