Alphabet’s Dividing Line

Image Source: Pixabay

If you’re looking for a way to get bearish on the Nasdaq with a high-volume, tight bid/ask option, you could do a lot worse than Alphabet (GOOGL). Take note of the broken trendline which was closely approached this week. We’re finally getting a fade, and I’d say this trendline represents powerful resistance now.

(Click on image to enlarge)

Here’s the longer-term view. The fact that GOOGL wasn’t able to best its former high is also a good sign for the bears.

(Click on image to enlarge)

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