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Fan Yang

Alphabet Inc. (GOOGL) Pulls Back; $1160 Is Support

Alphabet Inc. $GOOGL is retreating after a July bullish breakout. I think this is a buy-the-dip type of action and the $1155-$1160 area will be a key support. 

GOOGL Daily Chart


(click to enlarge)

Key Support:
- The $1155-$1160 area has been a common support/resistance pivot throughout GOOGL's consolidation price action since 2018. 
- If GOOGL has turned bullish again, this will be a key support area. 
Breakdown Scenario:
- A break below $1120 on the other hand would reflect a market still in consolidation.
- Furthermore, because of the previous failed attempt to test that $1290 high, I would anticipate a challenge of the support around $1000.
- In this bearish correction scenario, I would still get dry powder ready for the $920-$950 area. 

GOOGL Weekly Chart

(click to enlarge)


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