Alphabet Inc (GOOGL): The Bullish Breakout and Uptrend Continues

January 29, 2016 by

red-google-plus-buttonCorey Rosenbloom:  With the market bounce continuing today, Google (NASDAQ:GOOGL) – one of our “strong stocks getting stronger” – also broke higher above resistance to trigger a new breakout.

Let’s quickly update our Google charts (we still refuse to call it “Alphabet”) and plot the next pathway:

As noted previously, the $700.00 per share level was the downside target low (achieved) and the critical “Make or Break” support pivot.

Ultimately shares held support and buyers stepped in aggressively to rally the stock up away from $700.

From there, price retraced to the first target – the 20/50 day EMA overlap – at $740 per share.

This week price (buyers) broke firmly on higher volume ABOVE this key level to trigger the new breakout and extend the bullish swing (and ongoing uptrend).

Watch for a possible swing (pathway) higher “up away from” the $740 level “toward” $780 to $800.

Whatever additional methods of analysis you’re using, keep this simple level and price pathway in mind.

This article is brought to you courtesy of Corey Rosenbloom from Afraid to Trade.

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