Alphabet Inc. (Google/ GOOG) got rejected today on the 1D MA50 (blue trend-line) and it dipped the lowest it has below it since the October 27 2023 Low. That was a Higher Low at the bottom of the 1-year Channel Up pattern.
Technically this decline is following the same pull-back sequence as the June 07 - July 10 2023 pattern. As long as the Channel Up holds or as a measure of last resort, the 1D MA200 (orange trend-line), we will treat this sell-off as a buy opportunity, targeting the 2.236 Fibonacci extension at $168.00, which is where the previous Higher High was priced.
Also keep an eye on the 1D RSI which is piercing the 39.50 symmetrical Support. A break below it means that the stock will be a buy opportunity on the 30.00 oversold RSI barrier regardless.
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