Alphabet Rallied. Now It’s Pulled Back
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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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.
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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