Alphabet was the only megacap Nasdaq member to break out on its last set of quarterly numbers. Now it’s pulled back to some interesting levels.

First, GOOGL tested its 50-day simple moving average (SMA) on Monday and held that line.

Second, that SMA is near the September 2 peak of $1726.10. It bounced around that same level twice last month, which could mean old resistance has become new support.

Stochastics are also showing an oversold condition.

GOOGL isn’t the kind of stock investors have liked recently. They’ve been focused on smaller and more speculative names like solar energy and electric vehicles. However that probably won’t last forever. Pretty soon attention could return to the big names – especially with earnings season next month.

And investors might find a lot to like because GOOGL’s last quarter showed a big improvement in online advertising. Both Search and YouTube benefited. It will also be a special quarter as Sundar Pichai starts disclosing operating income for Google Cloud in the results.

GOOGL faces some legal risk because of antitrust actions by the U.S. and several states, but those cases will take years. Now that they’re known, sentiment could turn more positive and the search giant could climb a proverbial wall of worry.

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