Shocking Chart: Major Alphabet (GOOGL) Chart Top
Shares of Alphabet (GOOGL) jumped over 10% on the back of great earnings, a share buyback and dividend announcement. The stock made a new all-time high of $174.71. Investors are cheering as the NASDAQ staged an impressive rally.
However, there are major technical warning signs that Alphabet (GOOGL) may have topped. Connect the 2007 high (just before the Great Recession) and the 2021 high (before the NASDAQ dropped 37%). The trend line gives you the exact price level that Alphabet hit on earnings.
Following 2007, Alphabet corrected 65%. following the 2021 highs, Alphabet fell 45%. Could this be the next big top in shares of Alphabet? Technical traders would also point to a major monthly negative divergence on the RSI.
In the very least, investors should be on high alert and cautious at current prices on Alphabet.
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