Alphabet shed 12% after it released its earnings back in October, it is now nearing a full recovery

Taking a look at Alphabet as it has almost recovered its gains since it shed 12% of its value post-earnings. Currently, its shares are trading at around $136.34 a share. We can see that its price fell below the supportive trendline back in October (oval), but due to the recent market rally on optimism of rate cuts, it has turned the fall into a correction move. Entering the bullish trend once more, it now faces tough resistance at $141.73. A break and close above this level could then see the tech giant rise higher towards the $145 mark. However, with the upcoming FOMC minutes, we may have to endure some profit-taking. Hence, support sits at $133.50. A break below it may then see a move lower towards $132, with trendline support reading $131.33. Glancing at the technical indicators, they are both positive with the RSI reading 59. This suggests that there is still room for the stock to move higher.