- Summary:
- GOOGL shares have shown signs of recovery. Today, they were trading at $151.16 after testing a significant support level of around $148.52.
Alphabet Inc. (GOOGL) shares have shown signs of recovery. Today, they were trading at $151.16 after testing a significant support level of around $148.52. The stock saw a notable decline in August, driven by market-wide concerns about tech sector earnings and potential regulatory risks.
Key Levels on the Daily Chart
- Support at $148.52: This level has proven pivotal, with Google shares rebounding after testing it. A failure to hold could open the door for further downside, potentially toward the next major support at $131.31.
- Resistance at $167.52: If the recovery continues, the first significant hurdle for the bulls will be reclaiming this resistance level, which could set the stage for a push toward $170.
Sentiment and Short-Term Outlook
Recent sell-offs across tech stocks have impacted Alphabet’s share price. Investors are closely monitoring upcoming earnings reports, and any updates related to AI developments will affect future price movements. Notably, the broader sentiment remains cautiously optimistic.
If Alphabet holds above $148 in the short term, it may attract more buyers looking for a rebound opportunity, but volatility remains high. The market will likely focus on broader tech industry performance and external factors such as regulatory developments and macroeconomic conditions.
For traders, keeping an eye on whether Alphabet can sustain the current bounce and test the $167 resistance level will be crucial in determining the next directional move.