Alphabet Inc’s (GOOGL) stock market capitalization is $1.61 Trillion and the total revenue is $280.875 Billion. Moreover, the stock’s basic EPS is $4.75 and the price-to-earnings ratio is 27.48. Alphabet Inc. (GOOGL) experienced an incline in its earnings at a rate of 23.1% per year on average. This is according to Simply Wall St., a financial website. The Interactive media and services industry’s average annual earnings growth is 5.7%. Therefore, GOOGL earnings are higher than the industry average.
Moreover, Alphabet Inc. (GOOGL) stock has performed well in the last month, increasing by 2.30% and surging by 34.38% in the last six months. Alphabet Inc. (NASDAQ: GOOGL) stock has a positive year-to-date return of 42.28% and a one-year positive return of 6.72%. The average volume is 29.732 Million and the current volume is 30.505 Million where the current volume is above average volume.
According to Analyst Future Growth Forecasts on Simply Wall St., GOOGL’s forecast earnings growth is 13.9% per year which is above the savings rate by 2.2% and to grow slower than the US market which is 15.5% per year. GOOGL’s revenue is 9.6% per year and is forecast to grow faster than the US market which is 7.6% per year and is forecast to grow slower than 20% per year.
Technical Analysis of GOOGL Stock Price in 1-D Timeframe
The price action shows that Alphabet Inc. ( NASDAQ: GOOGL) stock price was in an uptrend from the beginning of the year 2023. On Januaruy 9th, the stock took support on the demand zone around $83 where liquidity was present, and faced rejection after seven months reaching a high of $133 and the price fell.
At the time of writing, Alphabet stock (GOOGL) is trading at around $127.46 and facing the nearest resistance around $133 and most probably Alphabet stock might decline more as selling pressure is high and drop back to the nearest liquidity demand zone.
Therefore, if Alphabet fails to maintain the current level, the GOOGL price could continue to drag downwards and hit the nearest support levels around $122.05 and $115.23.
However, if the stock price sustains the current level and the Alphabet price increases, then it might reach the nearest resistance levels of $133.58 and $138.76.
At the time of publishing, Alphabet Inc. (NASDAQ: GOOGL) is trading below the 20-day exponential moving averages (EMA), which declines the Alphabet price (GOOGL) trend.
Furthermore, a 50-day EMA is supporting the price if more selling volume rises in Alphabet stock then the price might capture supporting EMA by making lower highs and lows.
Hence, the Alphabet price is anticipated to fall downwards as EMA’s are showing a bearish outlook over the Alphabet Inc. daily time frame chart.
The current value of RSI is 49.94 points. The 14 SMA is above the median line at 58.56 points which indicates that Alphabet stock is in bearish territory and the RSI took rejection from 14 SMA and is headed towards an oversold zone indicating bearishness in GOOGL stock.
The MACD line at 1.52 and signal line at 1.98 are above the zero line and both lines have crossed each other. A bearish crossover is noticed in the MACD oscillator which expresses bearishness for the Alphabet stock price.
Summary
Alphabet Inc. (NASDAQ: GOOGL) indicates that the traders and investors of the stock price are bearish on the 1-D time frame. The price action of GOOGL stock shows a bearish outlook at the time of publishing. The technical analysis tools of Alphabet stock price also support bearishness. The EMA, RSI, and MACD highlight downward signals and indicate that a downtrend may continue in Alphabet stock price.
Technical Levels
- Support levels: The nearest support levels for Alphabet stock price are $122.05 and $115.23.
- Resistance levels: The nearest resistance levels for the Alphabet stock price are $133.58 and $138.76.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/19/alphabet-stock-price-prediction-is-sell-off-expected-in-googl/