Asset Watch
Thursday, March 23, 2023
Yet, with support and resistance colliding, a major breakout or breakdown could be imminent.
Alphabet ended the Mar. 21 session near its May, June and July 2022 lows, as well as its October 2022 high. Likewise, Alphabet closed above its 200-day moving average on Mar. 21. However, the milestone was present in February, and Alphabet reversed sharply soon after. Therefore, with the heightened volatility that’s common during FOMC meetings, Alphabet should tip its hand in the days ahead.
If it holds above the 200-day MA and its May, June and July 2022 lows, a breakout above the February high is likely. If not, Alphabet could stay stuck in its six-month channel and head toward $90.
How do you see the drama unfolding?