Let's dig into what this pattern represents, and what key price level investors should be watching for in the days to come.
This week's sell-off could result in the formation of the right shoulder, completing the set-up of this bullish price pattern.
Further price support could emerge at the 61.8% retracement level using the March to September rally as a framework for the analysis.
Note how this neckline lines up almost perfectly with the 38.2% Fibonacci retracement level using the framework described above.
Other Magnificent 7 stocks Interestingly enough, Alphabet is not the only Magnificent 7 name testing its 200-day moving average this week.
Persons:
GOOGL, David Keller
Organizations:
Inc, Microsoft Corp, CMT, CNBC, NBC UNIVERSAL