Alphabet - sitting on the 200MA now after yesterday's decline

Alphabet’s share price is now sitting along its 200-day moving average in the pre-market. Currently trading at around $157.34 a share, this support of $156.50 (200MA) followed by August’s low of $154.92. A break below the August low would certainly weigh on the tech giant, potentially forcing the price lower toward the next technical level of around $148.35. On the other hand, a clear bounce from the 200MA could lead to a build of bullish momentum in the short term. In that scenario, the first point of resistance is around $168.64, which would approximately correspond with the 50MA at the time of reaching that level. The technical indicators are seen turning bearish again, weighing on the longer-term bullish momentum. The MACD is on the verge of turning bearish, though not just there yet. The RSI has also slid back into bearish territory.