Pattern Identified: Cup and Handle
From the chart of Alphabet Inc. (GOOGL), the most prominent and likely bullish pattern is a Cup and Handle formation:
Cup Formation:
The price declines sharply around February–April 2025.
It then forms a rounded bottom.
Recovers back to the previous resistance near $180 in June–July.
Handle Formation:
A short pullback (forming a small downward-sloping consolidation).
Followed by a breakout around $180.55 (current price).
Price Target Calculation:
Formula:
Target Price = Breakout Level+(Cup Height)
Breakout Level: ~$180
Cup Bottom: ~$145
Cup Height: 180 - 145 = $35
Target Price = 180+35 = 215
From the chart of Alphabet Inc. (GOOGL), the most prominent and likely bullish pattern is a Cup and Handle formation:
Cup Formation:
The price declines sharply around February–April 2025.
It then forms a rounded bottom.
Recovers back to the previous resistance near $180 in June–July.
Handle Formation:
A short pullback (forming a small downward-sloping consolidation).
Followed by a breakout around $180.55 (current price).
Price Target Calculation:
Formula:
Target Price = Breakout Level+(Cup Height)
Breakout Level: ~$180
Cup Bottom: ~$145
Cup Height: 180 - 145 = $35
Target Price = 180+35 = 215
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