Alphabet Edges Closer, but Has Yet to Break Out

 | Oct 11, 2017 | 3:03 PM EDT
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We wrote about Alphabet Inc. (GOOGL) yesterday. We noted that in the Point and Figure chart of GOOGL that "we saw a consolidation pattern since May. A trade up at $1009.59 will be a triple top breakout and would open the way to a possible longer-term price target of $1160."

Prices have edged higher today and are closer to our $1009.59 level, but are still not there yet. Let's look closer at today's chart, below.

In this updated chart of GOOGL, below, we can see the slight new high for the move up. The curling up of the 50-day moving average line. The positive movement of the On-Balance-Volume (OBV) line. The Moving Average Convergence Divergence (MACD) oscillator continues to rise.

Bottom line: We said yesterday that "the key question in my mind is where to buy GOOGL and what to risk. I would still suggest buying GOOGL above $1010 and then risking below $960. If that is too much risk, I understand, and I would suggest looking at other opportunities in the marketplace."

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

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