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Possible Bearish Inside Day Candle Pattern Detected for Alphabet Inc-C (:GOOG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alphabet Inc-C (:GOOG) based on the price action in the company's shares. Today's price range of $1,213.15 and $1,222.18 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Alphabet Inc-C may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

Alphabet Inc-C has overhead space with shares priced $1218.13, or 1.5% below the average consensus analyst price target of $1236.11. The stock should discover initial support at its 200-day moving average (MA) of $1129.03 and subsequent support at its 50-day MA of $1118.45.

Over the past year, Alphabet Inc-C has traded in a range of $970.11 to $1273.89 and is now at $1218.13, 26% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Alphabet Inc-C on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1,064.38. Since that recommendation, shares of Alphabet Inc-C have risen 15.0%. We continue to monitor GOOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle :goog alphabet inc-c

Ticker(s): GOOG