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Most of the Nasdaq took a beating lately, but not Alphabet .
The parent of Google and YouTube has been standing tall since its bullish quarterly numbers on February 2. The report planted the stock above $2,000, and it’s held that bullish price gap since. Apple, Amazon, Microsoft, Facebook, Tesla and Nvidia have all slipped to their 50-day moving averages — or lower. GOOGL hasn’t even come close.
The candlesticks are especially interesting because they show how buyers defended $2,000. Notice the two attempts below that level on February 23 and March 3 were unsuccessful. It also made a higher closing low on March 8, despite the broader Nasdaq-100 closing at its lowest price in over three months that same day.
Think about that for a second: Given the spike in bond yields, GOOGL had every excuse to go back and test its previous highs below $1,950. But it didn’t. Instead, it formed a high and tight consolidation pattern above the previous range.
For more, please click here to view the related idea and chart analysis on TradingView.
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