Alphabet (GOOGL) stock has surged about 38% over the past year and ranks as the fourth-largest U.S. company with a market cap of $2.32 trillion. The company’s growth remains buoyed by its dominance in search engines, online advertising, and a strong presence in the cloud computing market. Despite yearly gains, technical indicators suggest that Alphabet is a Buy, implying further upside from current levels.
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Analyzing GOOGL’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, GOOGL stock is currently on an upward trend. The Moving Averages Convergence Divergence (MACD) indicator, a crucial tool for understanding momentum and potential price direction shifts, is currently signaling a Buy.
GOOGL’s 50-day EMA (exponential moving average) is 180.03, while its price is $189.30, implying a bullish signal. Further, its shorter duration EMA (20 days) also signals an uptrend.
Another technical indicator, Williams %R, helps traders determine if a stock is overbought or oversold. In the case of Alphabet, Williams %R currently indicates a buy signal, suggesting that the stock is not overbought and has more room to run.
Is GOOGL a Buy, Hold, or Sell?
Turning to Wall Street, GOOGL has a Strong Buy consensus rating based on 24 Buys and six Holds assigned in the last three months. At $212, the average Alphabet price target implies a 12% upside potential.
