Google, er Alphabet, is a darling of traders and investors over the last few years and as other top tech stocks falter, traders squeeze into GOOGL further stretching the Alphabet balloon to the size of the Hindenburg. What is the first thing that jumps out at you when looking at the GOOGL weekly chart? Yes, the Tweezer Top. The two candlesticks 3 weeks apart spike higher intraweek producing the long upper shadows for the candlesticks that look like a pair of tweezers. The pattern typically marks a top and conversely, a Tweezer Bottom will identify a bottom.
The red lines show higher highs in price since summer and the Tweezer Top are matching record highs. The highs in price, however, come with neggie d, so a smackdown is in order going forward and a multi-week pullback. Soon, people will be googling to find out why Google stock is dropping. At least it will always be its own verb.
Price pierces the upper standard deviation band so the middle band at 172 and lower band at 147 are on the table. Price held the 50-wk MA in September and when she falls going forward will test the 50 again at 166. Note the strong price support in that 162-165-ish area. The 150 level is also strong price support.
GOOGL is expected to drop into a multi-week down move from here. The 162-165 support is a good target below for the weeks ahead and if that fails, 150 is likely. Keystone is not holding GOOGL long or short currently but obviously the play is short going forward. We will see if the Tweezer Top facilitates the neggie d spankdown.
A lot of these high-flying tech stocks are headquartered, or have major divisions, in California where the wild fires remain out of control due to modern-day human incompetence and inept management. California is the land of fruits and nuts, that are now roasted. There is no joy today, down at Palisades Park. I gave that girl a hug, in the tunnel of love. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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