Wednesday, January 20, 2021 1:41 PM EDT
Shares of Alphabet Inc (GOOGL) are soaring today, an almost 5% surge higher. Alphabet is hitting all-time highs and looking for more. However, a key max move trend line signals the upside may be nearing an end. If you take the high pivots from February 2020 and connect it through the highs from November 2020 and December 2020, the trend line extends to just above current price. Alphabet will likely tag this major resistance trend line at $1,900. This gives investors a level to trade on the short side. In terms of a pullback, investors can look for a pullback as low as the gap fill at $1,650.
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The upside is definitely ending.