Google parent Alphabet Inc. (GOOG) has been steadily climbing up the rankings in the SIA S&P 100 Index Report since January. Starting deep in the red zone, by May GOOG had returned to the Green Favored Zone for the first time in a year and since then, it has gained 16.5%. On Friday, Alphabet finished in 18th position, up 6 places in the last month. Back in May, Alphabet (GOOG) shares completed a bullish Ascending Triangle base and a Golden Cross of its 50 and 200-day moving averages, signaling the start of a new recovery play. Since then, an uptrend of higher lows has emerged with the shares climbing in a step pattern of rallies followed by pauses at higher levels. Alphabet broke out in late August and continues to trend upward with next potential resistance in the $150.00 to $152.50 zone between a round number and the late 2021 peak, followed by $170.00 based on a measured move. Initial support appears near the $135.00 breakout point, followed by a recent low and the 50-day average near $127.50.
A year-long selloff in Alphabet (GOOG) shares bottomed out last November and since then, the shares have been steadily taking back lost ground, Accumulation accelerated in May and since then the shares have completed two bullish Double Top breakouts, the second also a Bullish Catapult, and have snapped out of their previous downtrend. The rally has extended into September with the shares trading at their highest level since April of 2022. Initial upside resistance may appear between the $150.00 round number and the November 2021 peak near $151.25, followed by $166.95 which is based on a horizontal count. Initial support appears near $126.55 based on a 3-box reversal. With a perfect SMAX score of 10, GOOG is exhibiting strength across the asset classes.
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