Alphabet Bullish Breakout Cup-and-Handle
GOOGL's breakout above long-term resistance suggests a bullish long-term development.
Too little corroboration in the last 3 days to call a trend (2 articles). Watching for it to gain traction.
"Heading into Q1 earnings, Wall Street has a Strong Buy consensus rating on Alphabet stock based on 26 Buys and five Holds. The average GOOGL stock price target of $387.68 indicates 12.6% upside potential."
"The mean price target of $380.58 represents potential upside of about 4% from current levels. Further, the most bullish price target of $420 suggests that shares could climb a possible 24% from here."
"This strength is meaningful on the chart because it lifts the stock above long-term resistance near $151, which goes back to 2021."
"The rally marks an extension of the cyclical uptrend and gives the chart the shape of a bullish 'cup-and-handle' formation."
"Intermediate-term momentum is renewed behind GOOGL per a new bullish crossover in the weekly MACD."
"Support for the stock can be gauged by the rising 200-day (and, 40-week) moving average, which captured the most recent corrective low."