I reviewed the charts and indicators of Alphabet ( GOOGL) on January 11 and wrote that "I have yet to see growing evidence of new and aggressive buying in GOOGL. Continue to avoid the long side of GOOGL for now as a better buying opportunity may present itself in the next couple of months. Stay tuned."
Alphabet announced Thursday evening that they were cutting 12,000 jobs worldwide and the stock responded on the upside Friday. Let's check the charts and indicators again.
In this updated daily bar chart of GOOGL, below, I can see that the price of GOOGL has been creeping higher in recent days. Prices gapped higher Friday but have come off their best levels. GOOGL is above the 50-day moving average line but the slope of the line is still negative. The 200-day moving average line is also negative.
The On-Balance-Volume (OBV) line has been weak since April and still has not shown us much on the upside. The Moving Average Convergence Divergence (MACD) oscillator has improved but it has not (yet) crossed above the zero line. 
In this weekly Japanese candlestick chart of GOOGL, below, I can see some small lower shadows on some of the recent candles. This development shows some rejection of the lows but the lower shadows are not that impressive - this is a judgment call. The slope of the 40-week moving average line is negative.
The weekly OBV line shows a small rise in a longer-term decline. The weekly MACD oscillator is bearish but trying to signal a cover shorts buy signal.
In this daily Point and Figure chart of GOOGL, below, I see a mixed picture. Prices have rallied and the chart now shows an upside price target in the $122 area.
Looking at the volume by price bars on the left side of the chart I can see potential resistance in the $100 to $118 area. The GOOGL chart I used on January 11 showed a downside price target in the $81 area - just saying.
Bottom line strategy: Will the potential of significant overhead chart resistance from $100 to $118 and the lack of aggressive buying so far, I remain unconvinced that GOOGL is poised for a sustained rally. The risk, to me, is still to the downside.
(Alphabet is a holding in the Action Alerts PLUS member club. Want to be alerted before AAP buys or sells GOOGL? Learn more now.)
