Alphabet (GOOGL) broke out above resistance to a new 52 week high and a new all time high today. The SCTR has been gently climbing and pushed above 75 today. The Relative Strength is breaking out to new 8 month highs. The price cleared the narrow trading zone between $775 and $810.
With the volume accelerating on the breakout,it looks like a nice confirmation of the move. The MACD has been flattening out and crossed up from a nice low location giving it lots of room to expand.
Earnings are due out on October 27th, 2016.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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