Google Stock Price Forecast: Is A New Yearly High On The Cards?

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Written By: Abdullah Sarwar

Nov 29, 2023, 16:33 GMT 16:33

Summary:

NASDAQ: GOOGL Outlook: Google stock price is looking very bullish but it still needs to breakout above its yearly highs around $141.

Google stock price (NASDAQ: GOOGL) is up 13.44% since its October lows. The stock has shown a strong rebound in November and the outlook is looking very bullish. However, the price is yet to break above its yearly highs, which may change soon.

On Wednesday, the stock of the tech giant fell 1.02% on a day when the NASDAQ 100 index was up 0.27%. The overall tech sector is showed mixed sentiment today due to some profit-taking after the Thanksgiving holiday.

After four consecutive weekly surges, Google shares have turned red this week. The stock is struggling to break out of the weekly engulfing candle which was printed in the third week of October. This is just a few points below its yearly peak of $141.22.

If we analyze NASDAQ: GOOGL on a high timeframe, we can see that the stock has formed a lower low on the weekly chart. As a result, the Google stock price needs to close a week above $141.22 for a bullish continuation. If this happens, the price may immediately retest the demand zone which lies above $143 or even a new all-time high.

GOOGL Chart

This post was last modified on Nov 29, 2023, 16:33 GMT 16:33

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.