Alphabet seems to be holding up well despite the recent market sentiment and profit-taking.

Taking a look at Alphabet as it is managing to hold up well with the current market sentiment and recent profit-taking. Currently, its stock is trading at $131.67 a share. The bias remains bullish for Alphabet as we can see from the many support levels below, and only a break below the key levels (outlined below) would change Minipip’s outlook. The first line of support sits along the dotted trendline, which reads $128.33. The second point of support sits along the green trendline which reads $125.63, and the third point of support sits at $118.23. Only a move below $118.23 would prompt Minipip to re-analyse the medium-long term outlook. However, in the short-term, it is likely we could see further pullbacks due to the sharp rise driven by AI. Looking at the potential upside, the new resistance level now can be found at $124.57, which was the high point of today’s session. A break above it could see the price rise towards the cluster between $137-$140 going into September. However, if further pullbacks do occur, the conservative outlook would be October. Based on the technical indicators, MACD is negative but seems to be turning neutral and the RSI has faltered slightly after today’s decline, but still just positive.