Alphabet Inc. (GOOGL) - Bulls Still in Charge
Last week, we noted that Alphabet Inc. $GOOGL looked like it was starting a bull run when price broke above a recent consolidation resistance around $1208.50.
Alphabet Inc. (GOOGL) Breaking August Consolidation Resistance
GOOGL Daily Chart
(click to enlarge)
Bulls in Charge:
- The price chart reflects a bullish market.
- Price held above the 200-day simple moving average (SMA), which happened to be around the middle of an almost-2-year range.
- Furthermore, the RSI held above 40, which reflects maintenance of the bullish momentum since June.
- After the breakout, we saw that price was able to anchor above $1200, which is also a good sign for the bullish outlook at least in the short-term.
- There is upside to the $1290-$1300 area, which represents a larger consolidation resistance since 2018.