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

By Nick Russo

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 $1,115.37 and $1,122.71 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 $977.66 and a high of $1296.97 and closed yesterday at $1116.05, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.7%.

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-A has overhead space with shares priced $1116.05, or 10.5% below the average consensus analyst price target of $1246.32. The stock should run into initial resistance at its 200-day moving average (MA) of $1129.30 and subsequent resistance at its 50-day MA of $1158.32.

SmarTrend is monitoring the recent change of momentum in Alphabet Inc-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Alphabet Inc-A in search of a potential trend change.

Keywords: bearish am inside day candle alphabet inc-a

Ticker(s): GOOGL