Watch These Alphabet Stock Price Levels as Google Launch Event Gets Underway
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Alphabet Shares Have Fallen 15% From Their July 10 Record Close
Source: TradingView.com
Key TakeawaysShares in Google parent Alphabet will be in focus on Tuesday as the search giant’s highly anticipated annual Made By Google launch event gets underway.Since recording their record close on July 10, Alphabet shares have tumbled 15% amid a sector-wide sell-off in technology stocks and an unfavorable ruling by a U.S. federal judge that Google had violated antitrust law.Alphabet shares could attract support around $154 and $141, but run into overhead resistance near $175 and $191.
Shares in Google parent Alphabet (GOOGL) will be in focus on Tuesday as the search giant’s highly anticipated annual Made By Google launch event gets underway, where analysts expect the company to unveil its next generation smartphones and provide further details about how it plans to integrate its Gemini artificial intelligence (AI) model into its mobile platforms.The event comes at an opportune time for the Magnificent Seven member, helping it shift focus from a turbulent month that has seen its shares tumble 15% from their July 10 record close, weighed down by a sector-wide sell-off in technology stocks and an unfavorable ruling by a U.S. federal judge that Google had violated antitrust law.Below, we take a closer look at Alphabet’s chart and use technical analysis to locate important levels to watch out for amid the potential for ongoing volatility in the stock price.Alphabet Shares Remain in Correction TerritoryFollowing the 50-day moving average (MA) crossing above the 200-day MA to form a bullish golden cross signal in May last year, Alphabet shares trended consistently higher until topping out after setting a record high in early July this year.Since that time, the price has fallen as much as 19%, sending the stock firmly into correction territory—typically regarded as a fall of at least 10% from a recent high.Amid the potential for volatile price swings in either direction in Alphabet shares, investors should eye the following important support and resistance levels.Support Price Levels to MonitorA move lower may initially find support around $154, where a trendline links the January swing high and a period of April price consolidation, with last week’s sell-off low and the upward sloping 200-day MA also sitting close by.Selling below this level opens the door to the shares revisiting $141, a location on the chart where market participants may look for buying opportunities near a horizontal line connecting multiple peaks and troughs between October and February.Resistance Price Levels to WatchThe first resistance level to watch sits at $175, just below the falling 50-day MA, where sellers could look to offload shares near the April 26. gap high, which also closely aligns with a range of similar trading levels throughout May and June. Reclaiming this area could lead to a retest of the $191 region, a level on the chart likely to encounter significant selling pressure around Alphabet’s all-time high (ATH). A move back to this area would represent a rally of about 18% from Monday’s closing price.Alphabet shares were up 0.4% at $162.85 in premarket trading at around 7:00 a.m. ET.The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia.
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