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- Alphabet share price recently hit its latest 52-week low of $83.3 on November 3.
- The asset price remains above the 20-day moving average after the recent rally.
- The RSI indicator is moving above the semi-line in the context of the daily price scale.
The NASDAQ appeared in the green in November and is the index’s second green candle since hitting an annual low of $10,088. The results can be seen on the prices of technical stocks, which are dominated by buyers. Meanwhile, the Alphabet stock price turned down in November as buyers finally turned a bearish trend into a bullish trend near the $80 area.
On November 3, Alphabet stock price hit its latest 52-week low of $83.3. This level has turned into a key demand zone after massive accumulation. Buyers are defending the $83 to $80 area well. Conversely, the $100 conceptual round was an important resistance area and the bears often refused to rally bullishly at this price point.
As per last week’s data, the market cap of Alphabet stock stood at $1.21 trillion, down from $1.35 trillion in October month. Eventually buyers kept the bullish trend, as a result, Asset price stays over 20 day moving average after recent bounce back. As of now, the 50,100 and 200 DMAs are far above the live price.
Trading volume decreased in the last few days and on 14 November it was $30.13 Million. Volume decreases because traders are not making the latest long-positions now. In the letter of 14 November, the Alphabet stock price closed at $95.7 mark along with 0.74% gain.
A more bullish trend is likely in the coming days and buyers can target a bullish trend move above the $100 level as the RSI indicator moves above the semi-line in the case of the daily price scale. Moreover, the MACD showed a bullish crossover a few days ago and the histogram drew higher highs.
Conclusion
Alphabet stock price is trading above the 20-day moving average. So far, the $100 conceptual round has been an important resistance area should the bulls turn this level into support.
Support level – $90 and $83
Resistance level – $100 and $120
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
