Will Alphabet's Q2 Earnings Defy Bearish Trends?

Alphabet Inc GOOG GOOGL will be reporting second-quarter earnings on Tuesday. Wall Street expects $1.84 in EPS and $84.1 billion in revenues when the Google parent company reports after market hours.

The stock is up 45.59% over the past year, 27.18% YTD.

Let’s look at what the charts indicate for the stock, and how the stock currently maps against Wall Street estimates.

Alphabet Stock Chart Bearish Momentum Ahead Of Q2 Earnings…

The view of the Mountainview, California-based company’s stock is moderately bearish, with selling pressure indicating the risk of further bearish movement.

Charts created using Benzinga Pro

Alphabet’s stock price stands at $177.66, below the 8-day simple moving average (SMA) of $181.89 and the 20-day SMA of $184.18, both of which signal bearishness. The 50-day SMA at $178.49 also suggests bearishness.

However, the 200-day SMA at $151.56 generates a bullish signal.

Charts created using Benzinga Pro

The Moving Average Convergence Divergence (MACD) indicator is at 0,56, indicating bullishness, while the Relative Strength Index (RSI) is at 42.29, suggesting the stock is heading towards being oversold.

The Bollinger Bands (25) range from $173.50 to $192 have had the stock trading in the upper bullish band mostly. However, recently, Alphabet stock has dipped to the lower bearish band, signaling near-term bearishness. Despite the bearish trend and selling pressure, some technical indicators suggest potential buying opportunities for Alphabet.

Read Also: This Analyst With 86% Accuracy Rate Sees Around 16% Upside In Alphabet – Here Are 5 Stock Picks For Last Week From Wall Street’s Most Accurate Analysts

…Yet Google Analysts See 16% Upside

Ratings & Consensus Estimates: The consensus analyst rating on the stock stands at a Buy currently with a price target of $196.22. Wedbush, BMO Capital, and BofA Securities released their latest analyst ratings on July 22 and 17, 2024. The average price target of $211 implies a 16.16% upside for the stock.

GOOGL Price Action: Alphabet stock closed the trading day Friday at $177.66, down 0.02%.

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