Technical Analysis: Don’t Forget About Alphabet

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Alphabet has been on the sidelines since a big rally in May. Is it time for traders to think about more upside?

The first pattern on today’s chart is last August’s peak around $122.43. GOOGL chopped on either side of the level for three weeks but has mostly stayed above it. Last Wednesday’s pullback brought prices back to the line and it’s stayed there since. Has old resistance become new support?

Second …

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

Alphabet (GOOGL), daily chart with selected patterns and indicators, courtesy of TradingView.
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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.