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

By David Diaz

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. Yesterday's price range of $1,084.36 and $1,108.22 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-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Alphabet Inc-A have traded between a low of $984.00 and a high of $1291.44 and closed yesterday at $1094.63, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.2%.

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.

Potential upside of 13.9% exists for Alphabet Inc-A, based on a current level of $1094.63 and analysts' average consensus price target of $1246.32. Alphabet Inc-A shares should first meet resistance at the 200-day moving average (MA) of $1133.14 and find additional resistance at the 50-day MA of $1145.53.

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 am inside day candle alphabet inc-a

Ticker(s): GOOGL