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Fan Yang

Alphabet Inc. (GOOGL) Pressuring Key Support

The market's resolve is being tested this week. Alphabet Inc. $GOOGL for example has been falling sharply in the last few weeks after failing to push above $1180. It is now testing the $1000 area, which is a psychological level as well as a support/resistance pivot seen on the daily chart below.

GOOGL Daily Chart

(click to enlarge)

Consolidation-Correction:
- GOOGL peaked aroudn $1200 in January and is now back to $1000. Not a surprise given the persistent bullish trend since 2009.
- We have had some years of sideways action since then, and 2018 could be one of those years. 
- We might even have a sharper correction if $1000 does not hold up as support.
- Below $1000, GOOGL will likely first test the $960-$965 area. 
- Below $960, we might see price dip to $920. We should limit the bearish outlook to $900. 
- If price can hold above $1000 and climb above $1025 this week, I would be inclined to anticipate a push back towards $1150 in the context of a sideways market. 
- Holding under $1025 and thus the 200-day simple moving average, would on the other hand suggest downside at least to $960.

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