Google parent Alphabet (GOOG) recently returned to the Green Favored Zone of the SIA S&P 100 Index report from a brief dip into the Yellow Zone.
Alphabet (GOOG) broke out to a new all-time high yesterday, confirming ongoing accumulation and signaling the start of a new advance in an uptrend which started back in March. Next potential upside resistance appears near $1,900 then $2,050 based on measured moves, along with the $2,000 round number. Initial support appears near $1,610 just above $1,600.
Alphabet (GOOG) shares completed a bullish Spread Double Top pattern last month with a breakout over $1,550 and have continued to advance, breaking through $1,725 yesterday. Next potential upside resistance tests on trend appear near $1,956, then $2,035 based on vertical and horizontal counts, with the $2,000 round number in between them. Initial support appears near $1,605 based on a 3-box reversal.
With a bullish SMAX score of 9, GOOG is exhibiting near-term strength against the asset classes.
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