The Alphabet stock (GOOG) made a strong bullish breakout above the triangle pattern. The breakout is taking place in a well-established uptrend channel (green lines).

Image Source: Pixabay

This article reviews whether the uptrend can continue higher or not. We also review key support and resistance levels plus potential targets.

Price Charts and Technical Analysis

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The GOOG stock triangle chart pattern completed an ABC (green) within a shallow wave 4 pullback.

Price action bounced at the 38.2% Fibonacci level and has already reached the -27.2% Fibonacci target. What can be expected next?

• No divergence pattern is visible so far. This means that the uptrend remains strong and impulsive, which is indicating that bulls remain in control.
• The current bullish price swing is part of a larger wave 3 (pink) of wave 3 (purple), which indicates that more upside is likely.
• A full uptrend is visible with a clear uptrend channel (green lines) and moving averages aligned with the 21 ema above the 144 ema and above the 233 and 610 EMAs.
• Considering the strong price push away from the 21 ema, it is likely that the Fibonacci levels of the most recent price swing will act as support and cause a bounce (green arrows) if a pullback occurs (orange arrows).
• The next targets are located at $2400, $2500, and $2600.

On the 4 hour chart, we can see multiple waves 3 already appear in the recent past. This is indicating a strong uptrend.

• Currently, price is in a wave 3 (green). Price could continue higher within wave 3.
• Eventually now or later, a shallow pullback (orange arrows) could confirm the end of the wave 3 (green) and the start the wave 4 (green).
• The Fibonacci levels are expected to act as support for a bounce (green arrows).
• A break below the previous tops (green box) could place the current wave outlook on hold (orange circle) or invalidate it (red circle).
• A deeper retracement does not mean that the uptrend is over. Price action could still bounce at the 144 ema close.

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