- Alphabet plans to lay off low-performing employees at the start of next year. It is 50% below its 52-week high
- Technical indicators are favoring an upside momentum in price. GOOGL is trading near $98
The decision of the Federal Reserve to raise interest rates to fight inflation may push the economy into recession. Many investors are running to the big techs to beat inflation. Billionaire George Soros has recently bought a huge chunk of Alphabet despite its poor performance in the last quarter. He has raised his stake in Alphabet to 1.01 Million Shares through his firm. GOOGL’s price is still far away from reaching its 52-week high. Many analysts think that it might cross the level in the next year.
Alphabet is set to lay off 10000 employees based on their performance. This may reduce the operating cost of the company and can increase the profit.
Technical Indicators Of GOOGL Favors The Bull
The weekly technical chart of the Alphabet suggests an upside trend. On coming to the daily chart, the asset price is trading near the value of $98 and has seen a gain of 1.53% in the intraday session. The upside momentum of the Alphabet stock price can see a halt near $120. Meanwhile, the downside momentum of the price can see a bounceback from $80. It currently trades below the 100 and above the 50 Daily Moving Average. If it crosses the 100 DMA, a new high can be seen in the future.
The RSI of the asset price is near 55 with a positive slope. It suggests a bullish momentum for the stock price in the future.
Conclusion
GOOGL’s price has seen a weak upside trend in the past few days. The parent company of Google is about to lay off various employees. Meanwhile, various billionaires are betting big on this tech giant for upcoming years.
Disclaimer
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Source: https://www.thecoinrepublic.com/2022/11/24/will-10000-layoffs-benefit-the-alphabet-stock-performance/