Alphabet Edges Closer, but Has Yet to Break Out

 | Oct 11, 2017 | 3:03 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:


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.

Columnist Conversations

I caught up with Tyson Foods (TSN) CEO Tom Hayes for an interview on TheStreet that hit on Sunday. Hayes is b...
Gold prices have taken a dive in the wake of the Fed meeting. Interesting move considering how concerned Fed c...



News Breaks

Powered by
Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.