Alphabet (GOOGL.US) shares are extending their decline today, fighting to preserve the broader uptrend while testing the 200-day exponential moving average (EMA200) on the daily chart. Alphabet remains one of the three largest companies in the world and has delivered several record-breaking quarters in terms of both earnings growth and sales momentum.

• Sentiment around the company has weakened noticeably in recent months, while investors have increasingly moved to take profits. As a result, the stock is now down around 20% from its all-time highs.

• Since February 2025, Alphabet shares have fallen below the EMA200 four times, with only one of those moves developing into a substantially deeper decline,…