Shares of Alphabet Inc. (symbol ‘GOOGL’) rose by around 4% in the last quarter of the year. The company’s earnings report for the fiscal quarter ending December 2023 is expected to be released on Tuesday 30th of January, after market close. The consensus EPS is $1.60, against $1.05 of the same quarter last year.
‘ The company is involved in the AI frenzy with the introduction of Google Bard and Gemini as tools to combat OpenAI’s popular ChatGPT. More specifically on the date of the launch of Gemini (6 December) the share price experienced a bullish gap of around 6%. Apart from the launch of these new products by the tech giant, the financial image that it displays is also sound and solid. The total assets outweigh total liabilities at an astonishing ratio of 3:1 and the current ratio is at a staggering 204% indicating that the company has a pretty strong balance sheet to overcome any short term turbulence. ‘ said Antreas Themistokleous, trading specialist at Exness.
From the technical analysis perspective the price has been trading with relatively steady bullish momentum throughout the majority of the quarter making consistent gains on its share in the early days of 2024. Currently the price is trading above the moving averages and is on the move to reach its all time high of around $150 which was achieved back in November of 2021.
The 50 day moving average recently crossed above the 100 day moving average validating the bullish momentum but on the other hand the Stochastic oscillator is in the extreme overbought levels possibly suggesting that a correction to the downside before resuming the overall bullish rally might be possible in the near short term outlook.
‘ The company is involved in the AI frenzy with the introduction of Google Bard and Gemini as tools to combat OpenAI’s popular ChatGPT. More specifically on the date of the launch of Gemini (6 December) the share price experienced a bullish gap of around 6%. Apart from the launch of these new products by the tech giant, the financial image that it displays is also sound and solid. The total assets outweigh total liabilities at an astonishing ratio of 3:1 and the current ratio is at a staggering 204% indicating that the company has a pretty strong balance sheet to overcome any short term turbulence. ‘ said Antreas Themistokleous, trading specialist at Exness.
From the technical analysis perspective the price has been trading with relatively steady bullish momentum throughout the majority of the quarter making consistent gains on its share in the early days of 2024. Currently the price is trading above the moving averages and is on the move to reach its all time high of around $150 which was achieved back in November of 2021.
The 50 day moving average recently crossed above the 100 day moving average validating the bullish momentum but on the other hand the Stochastic oscillator is in the extreme overbought levels possibly suggesting that a correction to the downside before resuming the overall bullish rally might be possible in the near short term outlook.