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Alphabet Eyes Recent Low, Here's Where It Goes Next

Published 05/29/2019, 01:49 PM

Tech giant Alphabet (NASDAQ:GOOGL) is now testing and breaking below its May 15, 2019 low. This level in the stock was extremely important because it bottomed at $1121.40 a share and staged a $49.40 reversal closing at $1170.80 that day. The volume in that session was heavy with 2.9 million shares traded.

Bearish Level

Today, GOOGL is trading below that important low and that's a bearish indication for the stock. A daily chart close below the May 15 low should ultimately send another sell signal to the stock. The next major support level for the stock will be around the $1045 level. That is where the stock staged a reversal in December 2018 and should be defended again by the institutional crowd when retested.

Alphabet Inc.

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