Technical Signals Point to a Possible Breakout for ALPHABET INC-CL C.

Our stockscreener has identified a possible breakout setup on ALPHABET INC-CL C (NASDAQ:GOOG). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:GOOG for potential opportunities.

Analyzing the Technical Aspects

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to GOOG. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, GOOG is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, GOOG did better than 92% of all other stocks. We also observe that the gains produced by GOOG over the past year are nicely spread over this period.
• GOOG is one of the better performing stocks in the Interactive Media & Services industry, it outperforms 88% of 68 stocks in the same industry.
• GOOG is currently making a new 52 week high. This is a strong signal. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month GOOG has a been trading in the 170.97 - 182.51 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

For an up to date full technical analysis you can check the technical report of GOOG

How does the Setup look for NASDAQ:GOOG

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:GOOG this score is currently 9:

Besides having an excellent technical rating, GOOG also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 180.27. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 179.54, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:GOOG

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.