Google’s Boxed In Until Next Week’s Q2 Earnings

Alphabet Inc. (GOOGL), a search engine company formerly known as Google, will report its second quarter earnings after the market closes on Tuesday, July 25, 2023. (1) Wall Street expected the tech giant to earn $1.34 per share (EPS) with sales hitting $72.79 billion. (2) Both numbers are up a little from last year’s EPS of $1.21 and $69.69 billion in revenue.

Alphabet’s stock price has been range bound between $115 on the bottom and $127.50ish on the top. Next week’s financial report card will likely move GOOGL shares beyond its three-month trading range. Looking at the weekly chart, better than expected results and guidance could pop the lid and move shares to resistance at $140.

On the other hand, disappointing results might knock the bottom out of the box with shares sliding to support at $110 or maybe to the rising 50-day moving average of $104.62.

Trading earnings is risky and only appropriate for speculative investors who can afford to lose chunks of money in short order.

Rich Meyers


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