Alphabet Inc. (NASDAQ:GOOGL) -- the stock formerly known as Google -- was one of the celebrated FANG stocks in late 2015. Leading the market along with Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Facebook (NASDAQ:FB), it headed higher into the end of the year. It started 2016 lower, like the rest of the market, but had a quick rebound. That was short lived, though, as it took all of 3 days to erase a 145-point move higher.
Since the February bottom, it did improve but still managed to lose its status as a market leader. The FANG broke apart. Yet that may be about to change. And the chart below shows why. The first thing to note is the price back at the gap-down level. It's been consolidating there for the past two days, albeit at a higher high after a higher low.
A gap-fill above would be a nice 25-point gain. And the Bat harmonic looks for that move plus a little more to 780. Momentum is on its side too. The RSI is on the cusp of a move into the bullish zone and the MACD is moving higher. Finally, the Bollinger Bands® are turned to the upside. Look for a move over 750 as the trigger.