Alphabet's bounce was short-lived

10 October 2022 83
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Shares of Alphabet bounced up almost 8% from a fresh two-year low of 96.08. However, the joy was short-lived. Data on the US Labor Market for September collapsed the stock market again, and Alphabet shares dropped as well.

 

The technical picture has deteriorated: the Evening Doji Star pattern suggests a further decline, while the Stochastic indicator gives a sell signal. The first target of the bears is a recent low just above 96. A move to the level of 92 is possible in the future.

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