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Possible Bearish Inside Day Candle Pattern Detected for Alphabet Inc-A (NASDAQ:GOOGL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alphabet Inc-A (NASDAQ:GOOGL) based on the price action in the company's shares. Today's price range of $1,093.00 and $1,108.22 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-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Alphabet Inc-A has overhead space with shares priced $1095.85, or 12.1% below the average consensus analyst price target of $1246.32. The stock should find initial resistance at its 200-day moving average (MA) of $1133.58 and further resistance at its 50-day MA of $1148.93.

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.

Over the past year, Alphabet Inc-A has traded in a range of $984.00 to $1291.44 and is now at $1095.85, 11% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Alphabet Inc-A on September 6th, 2018 by issuing a Downtrend alert when the shares were trading at $1,181.30. Since that call, shares of Alphabet Inc-A 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 inside day candle alphabet inc-a

Ticker(s): GOOGL