Can Google Stock (GOOGL) Break Out Above Resistance?

By any standard, Google stock (Alphabet – GOOGL) has had a pretty good year. But perhaps when you factor in the August meltdown, it has been a great year (thus far, performance-wise). In 2015, Google stock is up well over 25 percent. And, if you didn’t know, they changed their name to Alphabet. It’s been quite a year.

That said, the stock price may be facing its stiffest test yet.

GOOGL is currently making its third attempt to break above its multi-year rising resistance line (the upper channel boundary in the chart below).

But that’s not the only hurdle. It is also bumping into a Fibonacci 161% extension level (calculated using its 2014 highs and 2015 lows). And to top it off, this is now the third time Google stock has made an attempt to break above this key price level in 2015. Will three times be the charm for GOOGL (and its investors)?  click chart to enlarge

[Google] Alphabet Inc – GOOGL Chart

google alphabet stock price googl resistance level october 22

In my opinion, a sustainable breakout above this level would be very bullish for Google stock. On the flip side, Google stock bulls do not want to see the stock price become heavy around current levels.

If that occurs, a triple top pattern would be in play and could spur lower prices over the intermediate-term. That would be bad news for the stock now named Alphabet.

Thanks for reading.

 

Twitter:  @KimbleCharting

No position in any mentioned securities at the time of publication.  Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

 

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