Taking a look at Alphabet as it is now approaching another key resistance level. The price level of $168.59 will now be the focus point here in the near term, especially if we apply the moving averages to the daily chart as we can see this is around a similar point to where the 100-day moving average is located. Currently, the stock’s shares are trading at around $166.61 a share in the pre-market trade and have risen just over 13% since the 9^th of September, which has been arguably the interim bottom. The price has now moved comfortably above the 50MA and the resistance of $165.41, which should act as support in the near term. A break above the resistance of $168.59 followed by consolidation, may see Alphabet rally higher in the final quarter of the year, perhaps entering the area of $175-$180. However, the 100MA is likely to act as a barrier, hence, a clear move above it is needed for further confirmation. According to Finviz, Alphabet’s current forward P/E ratio sits at 19.28, which is the cheapest out of all the Mag 7 stocks. Even though the internet giant competes with the likes of Microsoft and Amazon with regards to AI developments and cloud, its current valuation still presents an opportunity for a longer term outlook. Based on the data pulled from TipRanks, which collects ratings from some of the top analysts on Wall Street, Alphabet has a low price target of $170 with an average of $201. This offers a possible upside gain of 20% from its current price level over the next 12 months.