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- 1 GOOGL stock price surged 7.04% in the pre market session of Wednesday, suggesting strong buying.
- 2 GOOGL share price has been rising through an interesting pattern over the daily time frame chart.
- 3 The American global technological conglomerate holding firm Alphabet Inc. (NASDAQ: GOOGL) is based in Mountain View, California.
GOOGL stock price is trading inside a rising wedge pattern and is trying to surge above $130 through the pattern over the daily chart. GOOGL shares has been trading inside the rising wedge pattern after getting support from the $85.84 in January 2023. GOOGL share price has been maintained inside the rising wedge pattern to reach $130, and may continue the surge to be at $140.
Meanwhile, GOOGL stock price has gained around 7.04% in the pre market session of Wednesday, which hints towards the accumulation of buyers. This confirms that buyers may come forward to push GOOGL share price towards the $130 mark by the opening of Wednesday’s trading session.
GOOGL stock price was at $122.21 and has gained 0.56% of its market capitalization during Tuesday’s trading session. Trading volume can be seen above average, and it must be maintained during Wednesday’s trading session. The significant GOOGL shares gains during the pre market session highlights that buyers are trying to accumulate themselves to push GOOGL share price.
Will GOOGL Stock Price Reach $140 as 20-EMA Supports?
GOOGL stock price has been increasing through an interesting rising pattern from the start of the year over the daily time frame chart. Now, analysts believe GOOGL shares may reach the $140 recovery level as 20-EMA is providing support to the price of stock. Meanwhile, GOOGL share price is getting support from 20-EMA to remain above the 50, 100 and 200-days Daily Moving Average.
Moreover, GOOGL shares rose 0.68% in a month and 16.48% in the last three months. Also, GOOGL stock has gained 26.64% in the last six months. In addition, GOOGL stock price has gained 36.42% year-to-date, which confirms the facts of GOOGL shares’ maximum recovery in 2023.
Investors in GOOGL shares need to wait until the price of GOOGL shares breaks out from the primary resistance level of $126.30 and continues the surge.
Technical indicators suggest the upside trend of GOOGL stock price. Relative strength index showcases the upward momentum of GOOGL shares. RSI was at 52 and is above neutrality to be overbought.
MACD exhibits the upward velocity of GOOGL shares. The MACD line is crossing the signal line upwards, registering a positive crossover. Investors in Alphabet Inc. (NASDAQ: GOOGL) shares need to wait until the GOOGL share price breaks out from the primary resistance level to continue the surge towards $140.
Summary
On the daily chart, the GOOGL stock price is now trading inside a rising wedge pattern and attempting to break through the pattern over $130. The trading session on Wednesday must continue with an above-average trading activity. Currently, analysts predict GOOGL shares could return to $140 as the 20-EMA is supporting the market price. Technical indicators point to an upward trend for the price of GOOGL stock. One must wait until the price of GOOGL shares breaks out from the main resistance level of $126.30 and resumes its rise before investing in GOOGL shares.
Technical Levels
Support Levels: $121.20 and $118.65
Resistance Levels: $126.30 and $130.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
