The post GOOGL) Dragging Gains Ahead of Q3 Numbers appeared on BitcoinEthereumNews.com.

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets. Latest posts by Pratik Chadhokar (see all) Alphabet Inc. (NASDAQ: GOOGL) GOOGL stock price is trading inside the rising parallel channel in an uptrend. Furthermore, the price action witnessed bullish dominance and has reached the mark of $150. Despite this, GOOGL stock has shown a retracement and is showing profit booking, which indicates that sellers are looking to cover their positions ahead of the Q3 earning results. However, the chart looked strong and is favoring the bulls who persisted in delivering higher highs. Profit booking shown in the last few trading sessions is not a sign of reversal, instead this is a buying opportunity for the investors. Furthermore, follow on buying momentum will resume near the channel lows of $133 where the higher low exists. Per the options chain, at the strike price of $135, a massive open interest of 1117 hundred shares on the call side, whereas 1545 hundred shares on the put side indicates the short positions was slightly lower than long which favors the upside. At press time, GOOGL stock price was $135.60 with an intraday drop of 1.56% showing profit booking. Moreover, trading volume increased by 1.56% to 26.78 Million while the market cap was $1.716 Trillion. However, analysts have maintained a buy rating with a yearly target price of $151.79 suggesting that stock will continue to outperform in the upcoming sessions. Alphabet, Inc. engages in the business of delivering online advertising,…

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Filed under: News - @ October 22, 2023 2:28 am