Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Alphabet's stock rose in the intraday levels, after the support of 1084.34 held on, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 894.79 to 1273.89), scoring a profit of 2.85% in the last session, or 30.76 points, while attempting to vent off oversold saturation in the RSI and recoup some past losses, amid negative pressure from the 50-day SMA.
Therefore we expect the stock to return lower, especially if the support of 1084.34 was breached, targeting the next one at 1039.61, representing the ratio 61.8% of the same retracement levels.
Expected trend for today: Likely Bearish