Alphabet appears positioned for a potential rally, as indicated by the bullish setup on the weekly chart. In the pre-market, shares are trading at approximately $177.71, up nearly 0.8% following a 4% rise yesterday. This positive momentum, coupled with technical indicators, signals that Alphabet could be on the verge of reaching new highs.

Key Resistance Levels and Potential Upside

Using Bollinger Bands, the recent price action has confirmed a strong move above the middle band, highlighting the first resistance level at $181.93. If Alphabet’s stock price surpasses this point, the next target is the all-time high of $191.70, which aligns closely with the upper Bollinger Band. This level may serve as a potential target for traders and investors as bullish momentum builds.

Support Levels to Watch Amid Market Volatility

In case of any pullback, the middle Bollinger Band’s moving average should provide initial support, estimated at around $167-$168. Below this, additional support lies at the $162-$163 level, where a green trendline has provided consistent support since January 2023. These levels are critical to watch for any market fluctuations, as they can help guide potential entry or exit points for investors.

MACD Signals Strengthening Bullish Momentum

The MACD indicator is also showing signs of turning bullish, marking a possible reversal that hasn’t been seen since July. This shift further supports the case for an upward trend in the near term, reinforcing the likelihood of continued gains if resistance levels are broken.

Outlook for Alphabet Stock

With solid technical support levels, a bullish MACD signal, and positive movement along the Bollinger Bands, Alphabet’s stock is well-positioned for potential growth. Investors and traders should watch for further confirmation of this upward trend as it nears key resistance levels, making Alphabet a compelling stock to consider for the coming weeks.