Alphabet may be attempting a quiet breakout. The parent of Google and YouTube snuck to new all-time highs earlier in the month, pulled back and is now bouncing.But GOOGL isn’t not just bouncing. It held the same 1290-1295 zone that marked the peaks in July 2018 and last April. If that old resistance becomes support and there isn’t a deeper pullback, buyers might have to settle for higher prices and start raising their bids.
GOOGL’s important because it’s the fourth-largest holding in the
Nasdaq-100, when you count its Class-C shares (GOOG). It’s also a big name in most growth indexes. Both the Nasdaq and growth indexesare already hitting new highs, which creates an extra pull on such a large index member still below its highs.
Fundamentally, GOOGL is a mixed bag as management shifts its business away from its Search cash-cow into lower margin offerings. However, strong revenue the last two quarters is renewing hopes of its core business recovering.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.