GOOGL – Alphabet Inc. (Last:730.06)

GOOGL pattern should defineHaving surpassed two prior peaks on the daily chart (see inset), the rally begun two weeks ago from 710.30 is now bullishly impulsive. This bodes well for the stock market as a whole. With Amazon evidently in gear as well, all that’s needed to kick the broad averages into one of their world-famous wilding sprees is a little help from crude. Oil’s ups and downs have led stocks by the nose in recent months, but nearly three weeks of flat price action has inhibited the animal spirits that ruled in March and April. I’ve highlighted the least ambitious rally pattern one could use to get long in GOOGL, but my guess is that the stock will need at least another day or two of moderate weakness to consolidate for a shot at April’s 79o.95 peak.  Stay tuned to the chat room for guidance in real time if you’re keen to trade this stock. _______ UPDATE (June 2, 11:18 p.m.): The stock tripped a ‘counterintuitive’ buy signal at 742.12 today, stop, 736.90. Midpoint resistance comes in at exactly 747.24, so let’s see how bulls handle it. On the hourly chart, here are the coordinates you will need to locate the tradable pattern: A=733.00 (5/26); B= 753.48 (5/31); and C= 737.00. _______ UPDATE (June 5, 5:12 p.m.): If Friday’s shallow dive is going to be just mildly corrective, we should see the stock turn up from p=732.76 or higher (see inset, a new chart); otherwise, more slippage to 730.15, or even 727.55 is possible over the near term.  _______ UPDATE (June 6, 8:57 p.m.): The stock has pulled back to a so-far low at 728.29, between the two Hidden Pivot supports flagged above. The lower remains viable as a place to try tightly stopped bottom-fishing, but if the 728.29 low holds, GOOGL would need to pop to 739.09 to trip a theoretical ‘buy’ signal.