Alphabet stock hits new high

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At the start of Wednesday's US trading, the price for Alphabet hit a new all-time high level at $3,030.00. The stock jumped at the start of trading due to better than forecast quarterly earnings report. The company has grown its year-on-year revenue by 40.00%. Due to that reason, a review of the technical chart is being conducted.

In general, after hitting the new all-time-high level the stock price retraced back down, as it started to look for support. There is no close by support, which could act as a catalyst for the asset price to continue to surge. A potential retracement down, might find support in the 50-day simple moving average near the 2,830.00 mark. Further below, the 200-day simple moving average and the 2,700.00 level could stop a drop.

On the other hand, the price has broken the resistance of the 3,000.00 mark. It is a signal that future gains are possible. A resumption of the surge would have to once again pass the 3,000.00 mark, before booking new all-time-high levels.
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