Alphabet has been in a correction since May. Katie Stockton sees the Google parent breaking out
The founder of Fairlead Strategies breaks down where she sees the tech giant.
TL;DR
- Alphabet (GOOGL) shows signs of stabilization after a corrective phase since May.
- Short-term indicators suggest a rebound from oversold conditions and support at the 200-day moving average.
- The stock remains in a secular uptrend despite some deterioration in long-term indicators.
- A counter-trend buy signal from DeMARK Indicators® supports a potential rebound and short-term outperformance.
- Initial resistance is at $376, with a further target of $402, while a break below the 200-day MA is a bearish signal.