Alphabet ( GOOGL) is trading higher on news Friday that Google boosted the price of YouTube TV amid rising content costs. Let's step back from this news and view the charts which are looking more attractive to technical analysts.
In this daily bar chart of GOOGL, below, I can see a smaller pattern of higher lows on GOOGL from November. Prices have rallied above the 50-day moving average line and are testing the declining 200-day moving average line. Trading volume has picked up since December suggesting more investor interest.
The On-Balance-Volume (OBV) line shows a decline into February then improvement in March suggesting the start of a shift from aggressive selling to aggressive buying. The Moving Average Convergence Divergence (MACD) oscillator has made higher lows from November and is not far below the zero line and a possible upside crossover..
In this weekly Japanese candlestick chart of GOOGL, below, I can see the past three years of movement. Prices are finding buying interest around and below $90. Prices are testing the declining 40-week moving average line and a close above this lagging indicator is possible.
The OBV line has been stable the past five months. The MACD oscillator is improving from a saucer bottom pattern.
In this daily Point and Figure chart of GOOGL, below, I can see an upside price target in the $120 area.
In this weekly Point and Figure chart of GOOGL, below, a price target in the $154 area is being projected.
Bottom line strategy: The charts of GOOGL have improved but prices have not broken above their early February highs and the OBV line has not responded strongly. Traders with patience could begin to probe the long side of GOOGL risking to $88.
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