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Alphabet Rallied. Now It’s Pulled Back

NASDAQ:GOOGL   Alphabet Inc (Google) Class A
Alphabet jumped to a new 52-week high on strong results last week. Now it may be giving trend followers a potential opportunity.

The first pattern on today’s chart is the bullish gap on July 26 after revenue beat estimates and its Cloud business surprised to the upside. GOOGL has retraced half that move, which could attract dip buyers.

The current level is additionally near the peaks of June and early July. Will old resistance become new support?

Third, the 8-day exponential moving average (EMA) recently crossed above the 21-day EMA. MACD has also started rising. Those patterns could reflect a bullish short-term trend.

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