alphabet googl further potential upside above 783 50770 0 key medium term support 1835752016
In the recent past week, Alphabet (Google) has announced a slew of new business initiatives such as a partnering agreement with CBS to stream video […]
In the recent past week, Alphabet (Google) has announced a slew of new business initiatives such as a partnering agreement with CBS to stream video […]
In the recent past week, Alphabet (Google) has announced a slew of new business initiatives such as a partnering agreement with CBS to stream video content on its web-based TV service via Google’s YouTube platform. In addition, Alphabet is also in talks with Disney, 21st Century Fox and NBC to distribute media contents on Google’s web TV service.
On the electronic payment front, Google has just announced two major strategic partnerships with Visa and MasterCard that aimed at expanding the scope of mobile payments via Android Pay. Thus, Android Pay users who are shopping online from smartphones will be able to make seamless payments on thousands of new sites where either Visa Checkout or Masterpass are accepted. These new payment partnerships came just in time with the newly launch Google’s smartphone Pixel.
All these new initiatives are likely to boast future revenue flows as Alphabet (Google) diversified and broaden its base away from the search engine business model.
This coming Thursday 27 October, Alphabet will announce its Q3 2016 earnings where consensus is set at 8.62 EPS versus 7.35 EPS a year ago (17.3% growth).
Let’s us now take a deep dive into Alphabet (Google) from a technical analysis perspective.
Intermediate support: 813.33
Pivot (key support): 783.50/770.00
Resistances: 913.57 & 932.36
Next support: 672.66
As long as the 783.50/770.00 medium-term pivotal support holds, the Index is likely to see a further upside movement to target 913.57 with a maximum limit set at 932.36.
On the other hand, failure to hold above 770.00 (the lower limit of the medium-term pivotal support) may put the bulls on hold for a deep decline to test key ascending trendline support at 672.66.
Charts are from eSignal
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