novvoll12

GOOGL $543.25: Remains range-bound within a 14-month falling cha

NASDAQ:GOOGL   ALPHABET INC
71 0 1
GOOGL             has been range bound since posting the 615.04 record high (February 24, 2014), forming a 14-month falling channel as shown on the weekly chart. 529.00 serves as the immediate support (April 13, 2015 low) which may hold dips. Back above 553.27 (April 13, 2015 weekly high) is needed to suggest basing and extend strength towards 583.20 (March 2, 2015 high) beneath the channel upper bounds. However, a break below 529.00 would prolong the consolidation and offer scope for a retest of the 503.48 area (January 26, 2015 spike low near the channel support) which should contain the downleg.
Outlook:
Short term: neutral
Long term: bullish