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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alphabet Inc-C (NASDAQ:GOOG) based on the price action in the company's shares. Yesterday's price range of $1,154.01 and $1,171.27 is within the prior day'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.

There is potential upside of 5.8% for shares of Alphabet Inc-C based on a current price of $1168.06 and an average consensus analyst price target of $1236.11. Alphabet Inc-C shares have support at the 50-day moving average (MA) of $1080.17 and additional support at the 200-day MA of $1051.05.

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.

In the past 52 weeks, Alphabet Inc-C share prices have been bracketed by a low of $123.45 and a high of $1186.89 and closed yesterday at $1168.06, 846% above that low price. The 200-day and 50-day moving averages have moved 0.34% higher and 0.83% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Alphabet Inc-C on April 17th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1,063.07. Since that recommendation, shares of Alphabet Inc-C have risen 10.4%. We continue to monitor GOOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle alphabet inc-c

Ticker(s): GOOG