Don’t Forget About Alphabet
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, stochastics dipped near an oversold condition during the period of consolidation.
Third, GOOGL is near its rising 21-day exponential moving average (EMA). If price stays above that line, it could potentially signal that a bullish trend remains in effect.
Finally, remember that Artificial Intelligence (AI) advances lifted the stock in May. That narrative has continued to play out in other names like Nvidia (NVDA) and Adobe (ADBE). Investors following the movement may see an opportunity in GOOGL now that it’s pulled back.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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, stochastics dipped near an oversold condition during the period of consolidation.
Third, GOOGL is near its rising 21-day exponential moving average (EMA). If price stays above that line, it could potentially signal that a bullish trend remains in effect.
Finally, remember that Artificial Intelligence (AI) advances lifted the stock in May. That narrative has continued to play out in other names like Nvidia (NVDA) and Adobe (ADBE). Investors following the movement may see an opportunity in GOOGL now that it’s pulled back.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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