Although Alphabet has now printed a higher high, it will eventually need to print a higher low on the daily chart, above the Jan. 24 low-of-day, in order to confirm its uptrend. Bullish traders may watch for a reversal candlestick to print such as a doji or hammer to confirm the higher low is in.
Alphabet is trading above the eight-day and 21-day exponential moving averages (EMAs) and the eight-day EMA is about to cross above the 21-day, both of which are bullish indicators. On Wednesday, the stock was able to pop up above the 50-day simple moving average as well, which indicates longer-term sentiment is now bullish.
Bulls want to see Alphabet trade sideways in consolidation to demonstrate stability or for the stock to drop and fill the gap, which could provide a solid entry to go long into the stock split. If either scenario plays out, the stock could be in for a blue sky run. Alphabet has resistance 2,992.10 and $3,037.
Bears want to see big bearish volume knock Alphabet down into the gap and then for continued bearish moment to push the stock down below $2,494, which would indicate Wednesday’s move was a bull trap and the stock will continue in its downtrend. There is support below at $2,884.45 and $2,834.83.
Alphabet is trading above the eight-day and 21-day exponential moving averages (EMAs) and the eight-day EMA is about to cross above the 21-day, both of which are bullish indicators. On Wednesday, the stock was able to pop up above the 50-day simple moving average as well, which indicates longer-term sentiment is now bullish.
Bulls want to see Alphabet trade sideways in consolidation to demonstrate stability or for the stock to drop and fill the gap, which could provide a solid entry to go long into the stock split. If either scenario plays out, the stock could be in for a blue sky run. Alphabet has resistance 2,992.10 and $3,037.
Bears want to see big bearish volume knock Alphabet down into the gap and then for continued bearish moment to push the stock down below $2,494, which would indicate Wednesday’s move was a bull trap and the stock will continue in its downtrend. There is support below at $2,884.45 and $2,834.83.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.