Alphabet Inc. (NASDAQ: GOOGL) GOOGL stock price is in a strong uptrend and persisted in stretching the gains. Moreover, the price action highlights bullish dominance and suggests that GOOGL stock will surpass the hurdle of $140 and will reach $150 in the following sessions. Furthermore, the higher highs formation was noted on the charts, along with buying interest. However, a doji candle was formed and closed in red amid the bullish market in yesterday’s session.
GOOGL stock needs to surpass the neckline of $140 to stretch the ongoing uptrend and try to register a breakout soon. Moreover, the chart shows a rising parallel channel and buying interest. Furthermore, the options chain shows that, at the strike price of $140, a massive open interest of 28412 hundred shares on the call side shows a strong resistance zone, whereas, at the strike price of $135, an open interest of 6441 hundred shares shows a strong support zone. However, if GOOGL stock surpasses $140, a short covering move will lead the $150 mark in the following sessions.
At press time, GOOGL stock price is trading at $138.06 with an intraday drop of 0.26%, showing neutrality in yesterday’s trading session. Moreover, the trading volume increased by 0.56% to 27.89 Million, and the market cap is $1.747 Trillion. However, analysts have maintained a buy rating with a yearly target price of $151.16, suggesting a growth outlook for the upcoming sessions.
Alphabet, Inc. engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products. It operates under the Google Services and Google Cloud segments.
Will GOOGL Stock Attain Breakout Above $140?
On the daily charts, GOOGL stock price is above the significant moving averages, showing an uptrend and buying interest in the past sessions. Moreover, the price action shows that bulls are trying to register a breakout above the neckline of $140. However, bears have maintained a strong grip. Furthermore, the GOOGL stock price is above the 61.8% Fibonacci level and is trying to reach the subsequent zone of $150.
The RSI curve is in the overbought zone and showed a bullish divergence, indicating that GOOGL stock will skyrocket soon.The MACD shows green bars on the histogram, suggesting a positive outlook for the following sessions.
Summary
GOOGL stock price is close to the neckline of $140 and has shown bullishness. Furthermore, the price action favors the bulls and suggests that GOOGL stock will soon surpass the neckline and skyrocket. Moreover, the technicals suggest that GOOGL stock will outperform in the upcoming sessions.
Technical Levels
Support Levels: $135 and $130
Resistance Levels: $140 and $145
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/11/googl-stock-close-to-breakout-region-will-bulls-surpass-140/