Alphabet ( GOOGL) is trading higher Wednesday and even made a new high for the move up. However, while this should be an upside breakout, GOOGL seems stuck in neutral.
Let's check out the charts and indicators to see what's going on. 
In the daily bar chart of GOOGL, below, we can see that the shares have been testing the $120 area a number of times. Prices are trading above the rising 50-day moving average line. The slope of the 200-day line is still negative and intersects up around $130.
The On-Balance-Volume (OBV) line has moved sideways in recent months and mirrors the price action. Sometimes the OBV line can lead prices but it isn't giving us that advantage today. The Moving Average Convergence Divergence (MACD) oscillator has just moved above the zero line for an outright buy signal.
In the weekly Japanese candlestick chart of GOOGL, we can see an upper shadow above $120. The slope of the 40-week moving average line is negative.
The weekly OBV line is still in a decline. The slow stochastic indicator is close to overbought.
In this daily Point and Figure chart of GOOGL, below, we can see an upside price target in the $151 area but a trade at $121.25 is needed to refresh the uptrend.
Bottom-line strategy: The GOOGL charts looked positive back on July 19, but Wednesday's strong rally in stocks should have pushed GOOGL "over the top." I would be cautious on GOOGL.
