After spending most of a year drifting downward in the relative strength rankings of the SIA S&P 500 Index Report, Google parent Alphabet (GOOG), has been climbing back up the rankings since January. Over that time, it has left the red zone, approached the top of the Yellow Neutral Zone and is currently in 29th place, just three spots away from a return to the green zone for the first time since April of 2022. A major breakout is underway in Alphabet (GOOG) shares. Since bottoming out in November, GOOG has been base-building, establishing a new uptrend of higher lows, snapping out of its previous downtrend and completing a bullish Golden Cross.
This week, the shares have completed their base, with a breakout over $110.00 on a jump in volume completing a bullish Ascending Triangle pattern and confirming the start of a new recovery trend. Initial upside resistance appears in the $120.00 to $122.00 area near is previous high, then near $130.00 based on a measured move, and a previous high near $144.00. Initial support emerges near the $110.00 breakout point, then $103.25.
Since bottoming out in November, Alphabet (GOOG) has been steadily recovering, establishing a new uptrend of higher lows, and completing two bullish Double Top breakouts, including one this month. A close above $115.00 would snap a downtrend line and confirm the start of a new uptrend.
Initial upside resistance appears in the $124.05 to $129.10 zone where a horizonal count along with previous column highs and lows cluster, followed by $137.00 based on a vertical count. Initial support appears near $101.80 based on a 3-box reversal, followed by the $100.00 round number.
With a bullish SMAX score of 9, GOOG is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
