FXOpen
As the chart shows, the GOOG stock price yesterday surpassed the June 27th high and set a historic record at $185.88.
What contributed to this?
→ Overall bullish sentiment in the US stock market. Incidentally, the S&P 500 index (US SPX 500 mini on FXOpen) also set a historic record yesterday;
→ Positive market expectations ahead of the second-quarter earnings report from Alphabet (Google's parent company);
→ Benzinga reports positive prospects, particularly highlighting the development of YouTube and language models.
Out of 38 analysts surveyed by TipRanks, 32 recommend buying Google stock. The average price forecast is $199 in 12 months.
But why then is Alphabet CEO Sundar Pichai selling over $4 million worth of company shares? According to the Form 4 filed with the SEC, Sundar sold a total of 22,500 shares.
Today's technical analysis of the GOOG chart shows that:
→ The price is moving in an uptrend (shown in blue), which began in 2023.
→ The price, with a bullish gap, "burst" into the upper half of the channel, then tested the median (indicated by an arrow) and entered a steeper uptrend, shown by the green lines.
If the bullish trend continues, the price may find resistance at the upper boundary of the blue channel on its way to the psychological level of $200.
Current sentiments could be influenced by the second-quarter earnings report (scheduled for release on June 23rd). If the report is disappointing, the GOOG price may fall to the median – which could provide another clue as to why the company's head sold shares.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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