Alphabet Inc (GOOGL): A Gap Out and Breakdown For The Stock

googleCorey Rosenbloom:  Google Inc (NASDAQ:GOOGL) shares broke to new swing lows today after a gap-down and strong sell-swing.

Price broke through a rising trendline and triangle pattern, triggering additional selling pressure.

Here’s the intraday breakdown and structure – we’ll also put this in context on the Daily Chart:

Price fell shy of the $800 per share high in April and plunged $100 lower to bounce twice through May.

As we’ll see on the Daily Chart, a “Bear Flag” or rising parallel trendline developed along with a Symmetrical Triangle (yellow highlight).

Price broke under both of these patterns and sprung free of the consolidation, triggering a wave of selling.

Here’s the Daily Chart and larger structure for Google (GOOGL) share prices:

The $800 per share level served as major resistance and buyers haven’t been able to boost price above it.

A sharp collapse in February plunged price under $700, and sellers took control also in April with a similar $100 point drop.

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