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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 $1,072.20 and $1,093.27 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.

Alphabet Inc-C (NASDAQ:GOOG) has potential upside of 14.2% based on a current price of $1082.40 and analysts' consensus price target of $1236.11. The stock should run into initial resistance at its 200-day moving average (MA) of $1124.38 and subsequent resistance at its 50-day MA of $1134.98.

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 share prices have moved between a 52-week high of $1273.89 and a 52-week low of $980.64 and closed yesterday at 10% above that low price at $1082.40 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Alphabet Inc-C on September 7th, 2018 by issuing a Downtrend alert when the shares were trading at $1,166.24. Since that call, shares of Alphabet Inc-C have fallen 6.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle alphabet inc-c

Ticker(s): GOOG