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Fan Yang

Alphabet Inc. (GOOGL) Breaking August Consolidation Resistance

Alphabet Inc. $GOOGL pulled back sharply in July, but started to consolidate in a range in August. Now in early September, it looks like price has bounced off this consolidation support again, but this time with a bullish breakout.

GOOGL Daily Chart

(click to enlarge)

Breakout:
- As we can see on the daily chart, price has been held under $1200-$1208 in August, while holding above the area around $1150. 
- It is now pushing above the resistance. 
- Note that price is still above the 200-day simple moving average (SMA) and that the RSI is still above 40.
- These are signs that bulls are still in charge.
- The fact that GOOGL made a strong stand around $1150 makes this a key support. If price breaks this support, we can expect a strong bearish correction.
- But for now, I would not be surprised if price pushes back to the 2019 high around $1290 or even push to $1300. 


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