Alphabet may be attempting a quiet breakout. The parent of Google and YouTube snuck to new all-time highs earlier in the month, pulled back and is now bouncing.But GOOGL isn’t not just bouncing. It held the same 1290-1295 zone that marked the peaks in July 2018 and last April. If that old resistance becomes support and there isn’t a deeper pullback, buyers might have to settle for higher prices and start raising their bids.
GOOGL’s important because it’s the fourth-largest holding in the
Nasdaq-100, when you count its Class-C shares (GOOG). It’s also a big name in most growth indexes. Both the Nasdaq and growth indexesare already hitting new highs, which creates an extra pull on such a large index member still below its highs.
Fundamentally, GOOGL is a mixed bag as management shifts its business away from its Search cash-cow into lower margin offerings. However, strong revenue the last two quarters is renewing hopes of its core business recovering.
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