Naked Chart Trading: Alphabet / Google 29 Apr 2024

The revenue is contributed by the cloud revenue, which jumped about 28% with strong growth in Google Workspace, where the Alphabet unit offers a slew of AI features powered by its large language model Gemini.

As a result, Alphabet-A's share prices jumped to above USD174 last Friday, then saw some selling pressure there and close slight lower but still managed to stay above USD170 level, with more than 10% gains in a day.

Artificial intelligence (AI) investments were definitely driving growth, I will look into its close competitor in AI, Microsoft in the next session.

The share prices hit historical high, testing 200% Fibo extension level now, close below this level then I got to redraw Fibo extension again on higher level. For this analysis, I take the Nov 2022 low to Jun 2023 high.

Overall there are higher highs and lows, the bullish momentum remain healthy. just that las Friday was a gap up, becareful if there is a close gap attempt technical correction, but that to me will be a great opportunity to enter at a lower price.

Close below USD169 last Friday low likely to trigger a overbought correction, with resistance at around USD175 to trigger another bull wave.

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