Alphabet（GOOGL）自5月以来一直处于调整阶段，但面对超卖状况，它正开始显现企稳迹象。尽管长期动能已经减弱，该股仍处于长期上升趋势中，而短期指标支持其从支撑位反弹。我们认为这一形态在战术上具有建设性，股价正从上升中的200日移动均线（MA）反弹。从战术角度看，日线图具有建设性。GOOGL自周四DeMARK Indicators®发出逆势买入信号以来已经上涨，使其重新站上200日移动均线附近约337美元的重要支撑位。上一次买入信号出现在3月低点，随后引发了一轮大幅上涨。日线随机指标目前转向上行的态势更为明确，日线MACD也发出买入信号，这提高了未来几天涨势延续的可能性。

初始阻力位由376美元附近的前期高点构成，这是一个合理的短期上行目标。若突破该水平，将支持进一步上行，向402美元附近的最终阻力位迈进。反之，若决定性跌破200日移动均线，将构成长期挫折，并加大更深回调的风险。月线图显示GOOGL的长期指标恶化，表明在该股长期上升趋势真正重启之前，可能需要进行较长时间的盘整。月线随机指标已从超买区域转低，而MACD柱状图也已下降，反映出与今年早些时候相比，长期上行动能有所减弱。尽管如此，该股仍远高于上升的月线云图模型，而后者界定了其长期上升趋势。

在我们看来，没有足够的技术证据表明会出现重大的看跌反转，因此我们预计价格将区间震荡，以重新调整长期牛市趋势。相对图表传递的信息与价格图表类似。GOOGL相对于SPX大致处于区间波动，表明其长期相对趋势为中性。不过，该比率对由3月和7月低点构成的强劲支撑反应良好。DeMARK Indicators®发出的逆势买入信号，支持其在一段时期内相对标普500指数（SPX）短期跑赢。GOOGL的长期格局表明其将在长期上升趋势中继续盘整，但短期前景已有所改善。由于200日移动均线附近存在支撑，且短期指标转高，该股似乎有望迎来一波伴随相对SPX跑赢的反弹。

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