Trade of the Day – Alphabet Inc. (NASDAQ: GOOGL) January 4, 2024 174

Trade of the Day

Alphabet Inc. (NASDAQ: GOOGL)

(Current Price: US$138.92) – TECHNICAL BUY

Buy price: US$138.92     Stop loss: US$136.40 (-1.81%)  

Take profit 1: US$143.70 (+3.44%)     Take profit 2: US$150.60 (+8.41%)    

 

 

(1): Alphabet Inc. found support upon retesting a consolidation wedge breakout

 

(2): This is also confluent with a retest of a recent horizontal resistance break out turned support level at US$138

(3): The bullish view is supported by increasing momentum recorded on both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators

 

We believe the price could rebound and head higher towards the first resistance level at US$143.70, which was the swing high formed in March 2022. It could then head towards the second resistance level at US$150.60, which acted as horizontal resistance from November 2021 to February 2022

Expected timeline of the trade is 1-8 weeks from the date of report issuance

Our research team has a fundamental recommendation of “BUY” with a target price of US$144.00

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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