Alphabet has maintained a support level at $83.21 since November 2022, and has been bearish for the most part of the year. A major bounce occurred in December 2022 and a strong bullish rally ensued.
Alphabet Inc. is a listed US holding company of the former Google LLC, which continues to exist as a subsidiary. With sales of $137 billion, a profit of $30.7 billion and a market value of $863.2 billion, Alphabet Inc. ranks 17th among the world’s largest companies according to Forbes Global 2000 (as of 4th November 2019). The company had a market cap of $766.4 billion in early 2018. In 2019, Alphabet had annual sales of $161.9 billion and an annual profit of $34.3 billion.
Currently Google ranks the fourth most capitalized company in the world with a market cap of $2.245 Trillion. As a result of the uprise in the value of $GOOG and the strong bullish rally on the technical side, price reached the 2022 high at $152.84. But the rally’s steam wasn’t cooling yet. In April 2024, $GOOG broke out of that high and headed to an all-time high at $194.31. This occurred in July 2024.
Currently, there is a price correction which has made price reach $182.80, which is the price as at the time of this writing. Google should continue to rally to new highs in the coming weeks.
Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here