I am writing a new blog discussing how stocks often find support and resistance at big round numbers.
Today I’d like to share one of those examples: Alphabet, Inc. (NASDAQ:GOOGL). Better known as Google… let’s dig into this quick “chart” blog.
Google (GOOGL) has pulled back to the big round $1000 mark. That’s interesting in and of itself, but the fact that this is also lining up with precious price support AND the 50-day moving average AND an RSI at 40 tells me this could be a good short-term entry point.
Seeing some interesting prospects of near-term rotation back into the FANG names.
This appears to be at the expense of transports, and telecoms/utilities (some of which have rallied strongly in recent days).
Alphabet Inc Stock Chart
You can gain deeper insights and more meaningful analysis over at Sierra Alpha Research.
The author does not have a position in 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.