Alphabet Inc (US: GOOGL) Technical price action indicates a potential return after the price met its initial target requirement of 161.8% of the previous double top extension level at 161.8%:

  1. The bullish harami pattern is seen as a key sign of a potential bullish reversal. Also, the lower shadow of the harami pattern is seen rebounding from 161.8% of the double top’s extension level and the immediate support zone at US$2762-US$2801 region.
  2. Despite a potential bearish crossover of the Tenkan and Kijun-Sen, the Senkou-span A is sloping up, indicating a bullish return.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

*Should the price fail to rise above the US$2866 immediate resistance, there is a chance that the price may revert lower to the US$2616 region before a rebound.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line