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Alphabet Could See More Downside Slippage - Serious Weakness Not Likely

Bruce Kamich

With our trading stop being tested as prices are down from the late July zenith a fresh look at GOOGL is in order. In this daily bar chart of GOOGL, below, we can see that prices have been below the still rising 50-day moving average line all month so far. The daily On-Balance-Volume (OBV) line has been weakening the past six weeks and indicates that sellers of GOOGL have been more aggressive with heavier volume being traded on days when the stock has closed lower.