Alphabet (GOOGL) shares will be focus on Monday after the Wall Street Journal reported Sunday that the Google parent is in 澳洲幸运5官方开奖结果体彩网:advanced discussions to acquire cybersecurity startup Wiz for around $23 billion, citing people familiar with the matter. If the deal were to proceed, it would mark the tech behemoth’s largest ever 澳洲幸运5官方开奖结果体彩网:acquisition.

Below, we take a closer look the Alphabet’s 澳洲幸运5官方开奖结果体彩网:weekly chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify important levels to watch out for.

Weekly Reversal Amid Decreasing Trading Volumes

Since bottoming out around the 澳洲幸运5官方开奖结果体彩网:200-week moving average (MA) early last year, Alphabet shares have continued to trend higher, with investors promptly 澳洲幸运5官方开奖结果体彩网:buying the dips.

More recently, the stock climbed to a 澳洲幸运5官方开奖结果体彩网:record high on Wednesday, but closed lower for the week, potentially setting the stage for a retracement. It’s also worth pointing out that 澳洲幸运5官方开奖结果体彩网:trading volumes have trended lower since the stock gapped nearly 7% after Bloomberg reported in mid March that the tech giant was in talks to license its Gemini 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) models to Apple (AAPL), potentially alluding to slowing buying momentum.

Monitor These Key Levels During Retracements

If a pullback eventuates, investors should monitor three key areas where the stock would likely encounter support.

The first area to watch sits at $175, where the shares may attract buyingꦗ interest near a series of similar prices between late April and early June.

A close below this level could see a retest of the $150 area, a region likely to attract buyers near the rising 50-week MA and a key 澳洲幸运5官方开奖结果体彩网:horizontal line linking several prior record highs in 🍎the stock from November 2021𒐪 to January this year.

Further weakness could trigger a fall to around $134, where bargain hunters may seek lower-priced💎 buying opportunities near a multi-year trendline.

Watch This Longer-Term Price Target

To gauge a potential longer-term upside 澳洲幸运5官方开奖结果体彩网:price target, we can take the a bars pattern from the stock’s upward move between March last year and January this year and overlay it from the March 澳洲幸运5官方开奖结果体彩网:swing low. This projects a target of around $215, an area where the stock may face selling pressure, especially if other 澳洲幸运5官方开奖结果体彩网:technical indicators point to overbo♉ught conditions at the same time.

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As of the date this article was written, the author does not own any of the above securities.