This update will be a quick check on Alphabet (GOOGL) since it reported earnings yesterday. Consider this to be an Alphabet (GOOGL) post-earnings analysis.

Based on the initial move for GOOGL’s share price, what can be expected over the next couple of weeks? Is the long-term trend that I wrote about still intact? Let’s get some answers to those questions!

Alphabet (GOOGL) Post-Earnings

This first chart in this Alphabet (GOOGL) post-earnings analysis is a 3 year weekly candlestick chart. This is the main chart I used to analyze GOOGL’s uptrend in my previous update titled “Long-Term Trend Review for FB, GOOGL & TWTR“.

I have 2 different Fibonacci Extension Tools on its chart that were being used to calculate some upside price targets. The gray shaded box was a previous pullback area to make a scale-in purchase. There is a possibility that GOOGL’s share price gives investors one more opportunity to purchase shares in that preferred zone before going on to make new highs.

There are a few discussion items on the above chart, including some overhead price targets. Let’s review them now[s2If !current_user_can(access_s2member_level1)]……

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I review support areas to consider using as areas to purchase shares and go long on shares of Alphabet (GOOGL). Upside price targets are reviewed as well.

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• The MACD Histogram is just starting to show some selling momentum
• The Golden Ratio is the main price objective for this current medium/long-term uptrend
  • The black Fibonacci Extension Tool calculates to a price target of $1,189.51, or GOOGL’s Golden Ratio
• Look for support around the Trendline or the $960 price level
  • If the $960 area does not hold, do not be in a rush to buy more shares until GOOGL’s share price gets closer to the $900 price level
    • There are shorter-term support areas around the $900 – $920 price level, see the “Short-Term Support Watch” section below

GOOGL – Point & Figure Chart

Let’s do a quick check on GOOGL’s Point & Figure Chart. In my previous update, the P&F Chart indicated higher prices. That seems to be the case still. This is a Closing P&F Chart. It reflects a bullish price objective of $1,149. The High/Low P&F Chart has a similar bullish price objective of $1,164.

The Point & Figure Chart check-up looks good so far. However I recommend that you continue monitoring the P&F Chart at least once a week if you are currently long GOOGL shares.

Any change to a possible bearish price objective may be an early warning of a trend reversal. Currently though, GOOGL’s uptrend appears intact.

GOOGL – Short-Term Support Watch

This last chart for Alphabet (GOOGL) is a 3 months daily candlestick chart to analyze its short-term activity and support areas to watch.

There are 2 Rising Window candlestick support areas to watch. The upper support area is the $958 – $960 price level. This upper support area is almost not visible to the naked eye. If this upper support area does not hold, the 100% Target Line from the black Fibonacci Extension Tool seems to confirm a pullback to the $912.89 price area. That would put GOOGL’s share price right in the middle of the next support area below the $960 support area.

The 2nd Rising Window candlestick pattern has a support area defined as the $893 – $923 price zone. There is also a long-term trendline that offers support around the $900 price level. From a risk to reward perspective, the $893 – $923 price level appears to offer the best entry.

Depending upon your trading and investing strategy, you may want to use one or both of those support areas as scale-in opportunity areas. The $960 area is obviously a more aggressive entry and subject to a temporary decline and further pullback. The $893 – $923 price level is more conservative but requires patience if it will even reach that area.

Alphabet (GOOGL) Post-Earnings Summary

Let’s wrap up this Alphabet (GOOGL) post-earnings analysis. The long-term trend still appears intact.

• • If you want to be long shares of GOOGL and you are not already, use weakness during this short-term pullback to make a scale-in purchase
  • For those that are currently long and own GOOGL shares, continue holding and consider adding to your position on this current pullback

The $960 area is a more aggressive entry as mentioned above. The $912 support area is the next one below if the $960 price target does not hold. Please ask away with any questions about the article. Or even stop by the Idea Chamber at any time with questions about any support areas and GOOGL’s share price!

Good luck trading! On deck – COST (member request)

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