Alphabet quietly hits new record in down market, forming bullish ‘cup-and-handle’ chart pattern

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Alphabet quietly hits new record in down market, forming bullish ‘cup-and-handle’ chart pattern

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(MSFT) , which completed a similar pattern last November. Intermediate-term momentum is renewed behind GOOGL per a new bullish crossover in the weekly MACD. This should allow overbought conditions to be absorbed well. GOOGL’s cyclical uptrend is supported by long-term trend-following gauges such as the weekly cloud model (shaded area on the chart). Support for the stock can be gauged by the rising 200-day (and, 40-week) moving average, which captured the most recent corrective low. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: (None) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. 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