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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. Today's price range of $1,221.88 and $1,222.10 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.

Over the past year, Alphabet Inc-A has traded in a range of $977.66 to $1291.44 and is now at $1221.88, 25% above that low. The 200-day and 50-day moving averages have moved 0.13% higher and 0.78% higher over the past week, respectively.

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 (NASDAQ:GOOGL) has potential upside of 2.0% based on a current price of $1221.88 and analysts' consensus price target of $1246.32. The stock should discover initial support at its 200-day moving average (MA) of $1139.45 and subsequent support at its 50-day MA of $1125.73.

SmarTrend recommended that subscribers consider buying shares of Alphabet Inc-A on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1,072.67. Since that recommendation, shares of Alphabet Inc-A have risen 14.3%. We continue to monitor GOOGL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle alphabet inc-a

Ticker(s): GOOGL