Alphabet (Google) Cup and Handle Bullish Technical Formation
Updated
In the domain of technical analysis of market prices, a cup and handle or cup with handle formation is a chart pattern consisting of a drop in the price and a rise back up to the original value, followed first by a smaller drop and then a rise past the previous peak. It is interpreted as an indication of bullish sentiment in the market and possible further price increases.
The cup part of the pattern should be fairly shallow, with a rounded or flat "bottom" (not a V-shaped one), and ideally reach to the same price at the upper end of both sides. The drop of the handle part should retrace about 30% to 50% of the rise at the end of the cup. For stock prices, the pattern may span from a few weeks to a few years; but commonly the cup lasts several months, while the handle should last for a shorter time.
A cup and handle formation is considered significant when it follows an increasing price trend, ideally one that is only a few months old. The older the increase trend, the less likely it is that the cup and handle will be an accurate indicator. The trade volume should decrease along with the price during the cup and should increase rapidly near the end of the handle when the price begins to rise.
The main technical graph for Alphabet Inc (Google) stock indicates on Cup and Handle Bullish Technical formation, since the price rose heavily over 2-years period of time (mid-2022 to mid-2024), and then 0.382x Fib retraced so far from its historical peaks.
This one can be entitled for so-called "cup and handle" respectively, with a further upside potential.
The cup part of the pattern should be fairly shallow, with a rounded or flat "bottom" (not a V-shaped one), and ideally reach to the same price at the upper end of both sides. The drop of the handle part should retrace about 30% to 50% of the rise at the end of the cup. For stock prices, the pattern may span from a few weeks to a few years; but commonly the cup lasts several months, while the handle should last for a shorter time.
A cup and handle formation is considered significant when it follows an increasing price trend, ideally one that is only a few months old. The older the increase trend, the less likely it is that the cup and handle will be an accurate indicator. The trade volume should decrease along with the price during the cup and should increase rapidly near the end of the handle when the price begins to rise.
The main technical graph for Alphabet Inc (Google) stock indicates on Cup and Handle Bullish Technical formation, since the price rose heavily over 2-years period of time (mid-2022 to mid-2024), and then 0.382x Fib retraced so far from its historical peaks.
This one can be entitled for so-called "cup and handle" respectively, with a further upside potential.
Trade active
October 2, 2024
👉 Alphabet (Google) stock has added +1.26% in September, 2024 following Cup and Handle technical structure confirmation.
👉 That was 1st positive "September" over 5 years for Google (four straight times in 2020-2023 all September monthly candles were negative).
Trade active
October 29, 2024
Alphabet (GOOG, GOOGL) reported September quarter earnings and revenue that beat Wall Street estimates. The stock moves higher in late Tuesday trading, up to 3-months peaks.
The Google parent posted earnings of $2.12 a share for the period ending Sept. 30. That was +15.2% higher than Wall Street's consensus estimate of $1.84 a share. In the year-ago quarter, the company reported earnings of $1.55 a share (+36.8% TTM gain respectively).
Revenue for the quarter of $88.27 billion beat analyst estimates of $86.39 billion. Last year, Alphabet reported revenue of $76.69 billion.
Shares of Alphabet went up nearly 5% in after hours trading on Tuesday.
Note
November 12, 2024
Alphabet (GOOG, GOOGL) is roaring back to its key 185-Dollar mark.
Note
December 11, 2024
👉 Alphabet (GOOG, GOOGL) stock hit all the history high mark, being confirmed also with strong volume previously on Tuesday, December 10 (nearly 2x daily vol. vs 30-day average vol.)
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