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Alphabet’s (Google) stock price has reversed from the multi-year high of 1,579.30, finding strong support at the 1,483 level where the Ichimoku cloud is currently holding. Positive sentiment appears to be reviving after the bounce on the supportive trend line pulled from the March 23 low of 1,009.
Further backing this short-term view are the upward slopes of the 50- and 100-day simple moving averages (SMAs). The RSI, in the positive area, is pointing north above the neutral threshold of 50, while the stochastic %K line is ready to post a bullish crossover with its %D line.
If buying interest picks up, early tough resistance could occur at the 1,579.30 high. A violation of this level may shoot the pair higher to challenge the 161.8% Fibonacci extension level of the down leg from 1,531 to 1,009 at 1,855, sending the market into uncharted waters.
Otherwise, if sellers sink the price deeper and penetrate the 1,483 support and the ascending trend line, immediate support would come from the cloud around 1,427, possibly shifting the outlook to neutral. Steeper declines would have to tackle the durable support section 100-day SMA as well.
Overall, the very near-term picture remains positive above the ascending line, while a break below 100-day SMA would cement negative worries.
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