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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 $1,266.78 and $1,266.78 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 (NASDAQ:GOOGL) is currently priced 1.6% above its average consensus analyst price target of $1246.32. Alphabet Inc-A shares have support at the 50-day moving average (MA) of $1179.90 and additional support at the 200-day MA of $1147.04.

Over the past year, Alphabet Inc-A has traded in a range of $977.66 to $1291.44 and is now at $1266.78, 30% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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.

SmarTrend is tracking the current trend status for Alphabet Inc-A and will alert subscribers who have GOOGL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle alphabet inc-a

Ticker(s): GOOGL