Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Alphabet's stock rose 1.05% in the last session, retesting the resistance of 1092.41, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the short term (from 970.27 to 1289), with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels.
Therefore we expect the stock to return lower, as long as the resistance of 1092.41 holds on, targeting the support of 1045.49, which represents the ratio 76.4% of the same retracement levels.
Expected trend for today: Bearish