Chart Analysis: Can Anything Stop Alphabet After Its Last Earning Report?

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Most of the Nasdaq took a beating lately, but not Alphabet .

The parent of Google and YouTube has been standing tall since its bullish quarterly numbers on February 2. The report planted the stock above $2,000, and it’s held that bullish price gap since. Apple, Amazon, Microsoft, Facebook, Tesla and Nvidia have all slipped to their 50-day moving averages — or lower. GOOGL hasn’t even come close.

The candlesticks are especially interesting because they show how buyers defended $2,000. Notice the two attempts below that level on February 23 and March 3 were unsuccessful. It also made a higher closing low on March 8, despite the broader Nasdaq-100 closing at its lowest price in over three months that same day.

Think about that for a second: Given the spike in bond yields, GOOGL had every excuse to go back and test its previous highs below $1,950. But it didn’t. Instead, it formed a high and tight consolidation pattern above the previous range.

For more, please click here to view the related idea and chart analysis on TradingView.

Alphabet (GOOGL), daily chart, with key events marked, courtesy of TradingView.
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