Alphabet stock bounces off support line

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


On December 20, the stock price for Alphabet found support in the lower trend line of the channel up pattern, which had guided the stock price up since the 2020 March coronavirus stock drop. In the near term future, the share price was expected to test the resistance of the November high levels at 3,005.00/3,020.00. Note that the November high levels are the all-time-high levels of Alphabet.

A passing of the November high level zone could find resistance either in round price levels or the upper trend line of the channel up pattern.

However, a potential decline would first look for support in the lower trend line of the channel up pattern. Afterwards, the October low levels at 2,710.00 and 2,620.00 might act as support.
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