Technical Pulse: Alphabet Inc Class A September 14, 2022 289
Alphabet Inc Class A (NASDAQ: GOOGL) Price is likely to head lower after breaking down the bear flag as:
- The formation of a bearish evening star candlestick pattern on 13 September coupled with a breakdown of the bear flag channel in a downtrend provides a bearish signal for the downside to continue.
- The Moving Average Convergence Divergence (MACD) technical indicator also points towards a bearish downside as it is displaying an increase in bearish momentum.
- Price could reach the support zone at 96.00-101.00 where the 5-wave Elliot downtrend wave using .618% extension area of the first wave (112.87-122.43) & third wave (105.78-116.72) combined measured against the swing high (111.62) in the fourth wave presents a wave 5 target of 98.95.
*Expected timeline of the trade is 13 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
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About the author
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).