Alphabet Inc Ended Wednesday With A Key Reversal Day. There Is A Potential Weekly Key Reversal On Friday

Forbes Money Alphabet Inc Ended Wednesday With A Key Reversal Day. There Is A Potential Weekly Key Reversal On Friday Richard Henry Suttmeier Contributor Opinions expressed by Forbes Contributors are their own. Following Jun 7, 2023, 06:46pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Sign with logos for Google and the Google owned video streaming service YouTube at the Googleplex, .

. . [+] the Silicon Valley headquarters of search engine and technology company Google Inc in Mountain View, California, April 14, 2018.

(Photo by Smith Collection/Gado/Getty Images) Getty Images Alphabet GOOGL Inc (GOOGL) Traded to a new year-to-date high of $129. 04 on Wednesday, June 7, 2023, then closed at $122. 50 below the June 6 low of $125.

35. This defines a downside key reversal day. A weekly key reversal day will occur if Friday’s close on June 9 is below last week’s low of $122.

00. Alphabet has a p/e ratio of 28. 35% and does not offer a dividend according to Macrotrends.

The company has missed earnings-per-share estimates in four consecutive quarters between April 26, 2022 and February 2, 2023. The Daily Chart for Alphabet Daily Chart for Alphabet Refinitiv Courtesy of Refinitiv XENITH Alphabet has been in a downtrend since trading as high as $122. 43 on August 16, 2022.

As part of this downside risk is that the stock was well below its 200-day simple moving average until a breakout occurred on February 2, 2023. The low over the last 52 weeks was $83. 34 set on November 3, 2022.

After the low, the stock rebounded and popped above its 200-day simple moving average on February 2, then at $104. 91. The 50-day simple moving average began to rise on January 12, 2023 from $92.

41. MORE FOR YOU At The Bleeding Edge Of Ukraine’s Counteroffensive, The Ukrainian Marine Corps Switches Up Its Tactics Twitch Hit With Backlash And Boycott Threats—As Streamers Say New Rules Threaten Their Income Do You Have An Avoidant Partner? Research Explains How You Can Make Them Feel Secure The bull market rise that began on November 4, 2022 was confirmed by a golden cross that was confirmed on May 3, 2023. This prompted the 54.

8% bull market gain to $129. 04 on June 7. The horizontal lines from bottom to top are the monthly value level at $110.

89, the annual pivot at $119. 99, the quarterly pivot at $127. 98, and the semiannual risky level at $134.

80. The Weekly Chart for Alphabet Weekly Chart for Alphabet Refinitiv Courtesy of Refinitiv XENITH The weekly chart for Alphabet is positive and extremely overbought with the stock above its five-week modified moving average at $116. 70.

The stock is well above its 200-week simple moving average or ‘reversion to the mean’ at $100. 06. The 12x3x3 weekly slow stochastic reading is well above the overbought line of 80.

00, at 90. 77. Trading Strategy: Buy Alphabet on weakness to its ‘reversion to the mean’ at $100.

06. Reduce holdings on strength to its semiannual risky level at $134. 80.

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