Alphabet climbs amid negative pressures - Analysis - 08-11-2018

Alphabet's stock spiked 3.56% in the last session, or 37.58 points, amid the dominance of the downward correctional wave in the short term, with negative signals from the RSI after reaching overbought levels, coupled with negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower, especially if it settled back below 1084.34, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 894.79 to 1273.89), targeting thereafter the support of 1039.61, which represents the ratio 61.8%. 

Expected trend for today: Likely Bearish