After Alphabet reported monster earnings for Q4, the hot money stepped aside in a hurry. The stock fell 53 points the day after it rose 54 points – a net zero gain. But the devil was in the details, and this earnings report clearly shows the future for Alphabet. With robust numbers and a strong stock market, the stock hit an all-time high (and closed there) on Monday.
The technical picture looks exceptionally strong with a breakout on higher turnover. The MACD is about to cross over to a buy signal, money flow is very bullish, relative strength has held up even with the dips, and the bull flag was broken to the upside this week. We could see this stock make a run to the 1620 level before too long.
Alphabet Chart Analysis
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Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America through Google and Other Bets segments. The company was founded in 1998 and is headquartered in Mountain View, California