alphabet share price GOOGL

Alphabet Approaches All-Time Highs As The Tech Rally Continues

Google extends yesterday’s gains and now approaching the all-time highs as the positive momentum around the technology sector continues with intense buying in China and USA.

Alphabet, GOOGL will hold its 2Q conference call to discuss second quarter 2020 results on Thursday, July 30, at 4:30 p.m. ET.

Alphabet Second Quarter Results Preview

Wall Street analysts now expect that Alphabet will deliver earnings of $8.02 per share, the high estimate is at 10.24 while the lower estimate stands at 4.9. This would mark a year-over-year decline of almost 42%.
The most recent consensus estimate is calling for quarterly revenue of $37.18 billion, down 4.07% from the previous year. The high estimate for revenues stand at 40.66 billion, and the lower estimate sees 35.67 billion.
For the full year, the Estimates are for $41.25 per share and revenue of $168.77 billion.

On the valuation front, Alphabet capitalization is at 1.036 trillion. Alphabet has a Forward P/E ratio of 30.15. The PEG ratio is at 1.41. The price to sales ratio for GOOGL stands at 5.88.

GOOGL Daily Technical Analysis

Google is 1.36% higher at 1524.04 as the share is getting closer to all-time highs. The technical picture is clearly bullish, and new highs can’t be ruled out. The RSI points to a higher level, and only a break below the rising trend line that started from March lows can halt the bullish momentum. 

On the upside, first resistance for GOOGL is at 1529.14 the daily high. Next supply zone is at 1530.74 the record high.

On the other hand, initial support stands at 1509.93 the daily low. The next support zone for Alphabet share will be met at 1476.44 the low from July 6. The next critical support is at 1414.60 the 50-day moving average.  

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Google Daily Chart

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