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Alphabet Inc., Technical Analysis

3/8/2023 10:19 AM

The shares of the American holding company Alphabet Inc. are moving within a global corrective trend at 94.00.

On the daily chart, the ascending channel with dynamic boundaries of 91.00–111.00 formed, within which the price reverses upwards from the support line.

On the four-hour chart, it is clear that the current movement has a high potential for continuation, and the nearest local high of 97.00 is the first serious resistance on the way of quotes. Possible growth is confirmed by the local reversal pattern Head and shoulders with the Neckline around 97.00.

Technical indicators reinforce the buy signal: fast EMAs on the Alligator indicator move away from the signal line and actively expand the range of fluctuations, while the AO histogram forms rising bars in the buying zone.

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