Alphabet breaks out to an all-time high: Chart analysts see more gains ahead
Shares of Google-parent Alphabet move steadily higher Tuesday, breaking out to an all-time high. The move had analysts who study charts for a living buzzing. Source: FactSet This is "a textbook breakout from a well-defined range, with the stock making new 52-week highs and all-time highs," said Carter Worth, chief market technician at Cornerstone Macro, in an email. "A 'measured move' for the breakout implies a target price of $855+/-." Carter sent along this chart illustrating the breakout: Source: Cornerstone Macro "We want to be aggressively long GOOG if we're above $790 with a target of $870. This represents the 161.8 percent extension of this 12-month consolidation," added J.C. Parets of Eagle Bay Capital. "Also remember this is one of the largest components of the strongest sector in America, technology. With this breakout, Alphabet is continuing a long-term uptrend that began in 2008. Source: Cornerstone Macro "Long-term [this is] about as orderly and established an uptrend as exists in all markets," said Worth. "What's not to like. Stay long, be long." This was a purely technical move as there was no apparent news out on the stock, other than some solid reviews for the new Google Pixel phone. Alphabet reports earnings Oct. 27.

Shares of Google-parent Alphabet move steadily higher Tuesday, breaking out to an all-time high.

The move had analysts who study charts for a living buzzing.