the Alphabet Inc (GOOG) is building a bearish retracement within a strong uptrend. Our article reviews the key bull and bear lines.
This will determine whether a deeper pullback against the trend will take place. Or will the bulls manage to continue higher in the trend.
The GOOG stock is showing a head and shoulders reversal chart pattern (red boxes). The support line (green) is the main decision zone for a potential reversal.
On the 4 hour chart, the sideways price action is an ABC (orange) pattern. The main question is whether the ABC pattern is complete OR will price action expand it.
In all cases, an uptrend is expected eventually. Unless price pushes below the $1,500 round level.
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter.
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