Alphabet Stock (GOOGL) Outlook Brightens, $1300 Likely

Alphabet (NASDAQ: GOOGL) Stock Weekly Chart

Amongst the individual stocks that performed well last week was Alphabet (GOOGL), the parent company for Google.

The stock rose 10 percent last week to $1245 and looks to push even higher this week.

Based on its market cycles, it is clear that GOOGL stock is still in the rising phase of its current cycle.

However, the stock failed at around $1300 in the previous two cycles and we continue to view this level as major price resistance. 

The company reported earnings of $14 per share and revenue of $38.9 billion, compared to estimates of $11 and $38.2 billion. 

Alphabet CEO Sundar Pichai highlighted that the company’s performance was driven by demand growth for products including Google Cloud and the Pixel 3a. The company also announced that it is planning to repurchase $25 billion in stock. 

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