Chart of the Day: Google Breaks Resistance With Quantum Chip
Google can easily make a run at this price target after a breakout driven by its Willow technology.
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One of the more frustrating stocks in the Portfolio has been Alphabet/Google, GOOGL. This stock has simply not kept pace with the other mega-cap names, and is probably the worst performer of the Magnificent Seven for the past few months. But that may have changed after Monday night's news about its Willow quantum chip. The excitement is building for this one-of-a-kind computing hardware.
The chart is finally looking much better with a move over recent resistance. That level is about $182 or so, but one day does not make a trend, so we would look to see if the next day or two pushes GOOGL to another higher high and higher low on the chart. The indicators are starting to get bullish, too.
MACD has now turned for a bull signal, the first one in over a month, while momentum is really building up, the stochastics have peaked higher and is nearly overbought. Money flow remains a problem but with Google, the volume trends are important, too. Notice the higher volume days as the stock forges higher, that is bullish.
In the short term, this stock could now easily make a run at $200.
We like Alphabet/Google in TheStreet Pro Portfolio and rate it a one, buy at anytime.
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At the time of publication, TheStreet Pro Portfolio was long GOOGL.
