Uncovering Noteworthy Technical Analysis Findings for ALPHABET INC-CL A (NASDAQ:GOOGL).

Our stock screener has identified ALPHABET INC-CL A (NASDAQ:GOOGL) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:GOOGL.

What is the technical picture of NASDAQ:GOOGL telling us.

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.

Taking everything into account, GOOGL scores 7 out of 10 in our technical rating. GOOGL has been one of the better performers in the overall market. Some doubts were observed in the medium time frame, but recent action was again very positive.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, GOOGL did better than 79% of all other stocks.
• GOOGL is one of the better performing stocks in the Interactive Media & Services industry, it outperforms 70% of 73 stocks in the same industry.
• GOOGL is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so GOOGL is lagging the market slightly.
• In the last month GOOGL has a been trading in the 163.70 - 182.49 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of GOOGL for a complete technical analysis.

Looking at the Setup

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:GOOGL this score is currently 8:

Besides having an excellent technical rating, GOOGL also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 174.95, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:GOOGL?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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.