Gemini

Artificial Intelligence

Alphabet

Resistance

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Alphabet Inc. stock price closed at $129.92 with a gain of 0.95% during the last intraday trading session.</a> </li> 
 <li> <span>2</span> <a>The release of the Quarter 2 report boosted GOOGL stock price.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Alphabet is 45.02% while one weekly return is -1.02%.</a> </li> 
</ul> 
<p>Alphabet (GOOGL: Class A) stock price has been in a strong uptrend, forming higher lows since mid-March 2023, rising from the low of $90. The stock price has surged approximately 44% since the start of the uptrend. GOOGL stock price is performing a zone-to-zone breakout.</p> 
<p>Recently, GOOGL stock price was stuck in a consolidation zone ranging between $116 and $128. The stock price consolidated for more than 2 months. The release of the Quarter 2 report acted as a catalyst for the stock and on 26 July 2023, it closed above $128.&nbsp;</p> 
<p>The company was successful in breaking the consensus estimates of earnings per share as well as revenue. Alphabet reported revenue of $74.60 Billion while the consensus estimated it to be $72.85 Billion, a surprise of $1.75 Billion (2.40%).</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/iSwr5N_IiO2W7Qhr3QOeIK9RX-ZHAt94MdxVUiNNAUuV89f7_N9pNYZw9Sg7YG2Ko-1kma9w9j1oBfxb31NS4v2aWElWFgiv6cyEX0WREYUeVUVc7Lk9V67rraOOPHEd5rlGHgh8rstFas0VYN9xHWI" alt="Alphabet Inc (GOOGL) Stock: Will Gemini Release Boost the Price?"> 
  <figcaption class="wp-element-caption">
    Source: GOOGL Stock Price By <a href="https://www.tradingview.com/x/kQwAeNT7/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>After the breakout, the stock price entered into another consolidation zone ranging between $128 and $133. If bulls can push the price above $133, it might head toward the next major resistance level of $140.&nbsp;</p> 
<p>While on the other hand, if bears can break the uptrend and push the price below $128 support, it might fill the gap up and melt toward $121.20. The previous two candles have closed with a small body. The trading volume on 17 August was 33 million exceeding the 50-day average volume of 31 million.</p> 
<h2 class="wp-block-heading" id="strong-gemini-to-be-released-soon-by-alphabet-strong"><strong>Gemini To Be Released Soon By Alphabet</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/2023/08/11/alphabet-stock-forecast-2023-can-googl-change-the-landscape/" rel="noopener noreferrer nofollow">Alphabet</a> recently launched its conversational AI chatbot Bard which was an alternative to ChatGPT earlier this year. In May 2023, it updated stakeholders regarding Artificial Intelligence progress, announcing its next-generation AI called Gemini which will power Bard and AI tools across its ecosystem.&nbsp;</p> 
<p>Despite Microsoft integrating ChatGPT into the Bing search engine, Google’s market share is unchanged. As of July 2023, 92% of all the searches were on Google. Bing’s market share is still below 3%.</p> 
<h3 class="wp-block-heading" id="strong-will-googl-stock-price-break-133-resistance-in-august-strong"><strong>Will GOOGL Stock Price Break $133 Resistance in August?</strong>&nbsp;</h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/fAv5g8nC0Pd8BUZIkqeKytlWF0uUm5mTOzknPXCl6HCtxqsl7jz8h21_deI7YMTLBZZJl1tga-7OF2gceelZNTXVyysafhX7ZYhSAatbaY1yVgKlRghVAJG-nLI5GyDH-jh45mYKoBzxTLrowD2Tk70" alt="Alphabet Inc (GOOGL) Stock: Will Gemini Release Boost the Price?"> 
  <figcaption class="wp-element-caption">
    Source: GOOGL Stock Price By <a href="https://www.tradingview.com/x/7ngccvpr/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/11/alphabet-stock-forecast-2023-can-googl-change-the-landscape/" rel="noopener noreferrer nofollow">stock price</a> has surged above 20, 50, 100, and 200-day exponential moving averages, suggesting bullish momentum. However, Chaikin money flow (CMF) has been trading below the 0 mark since 19 July 2023, indicating weakness and capital outflow in the market.&nbsp;</p> 
<p>The relative strength index has crossed above the 50 mark and stands at 56.65 implying a rise in bullish momentum. The Bollinger bands have also expanded indicating a rise in volatility in the market. GOOGL stock price is traded above the 20-day simple moving average and rises toward the upper band which resides at $135.67.&nbsp;</p> 
<p>The stock price needs to stay above the $130 psychological level to provide slight confirmation regarding a bullish move.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>GOOGL stock price is currently in a strong uptrend and if the break of the $133 resistance happens, it might rise toward $140.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<p>Major support: $128 and $121.20</p> 
<p>Major resistance: $133 and $140</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Alphabet Inc (GOOGL) Stock: Will Gemini Release Boost the Price?

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Thecoinrepublic.com

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