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Alphabet’s Price Might Break Out Of Range

Alphabet Inc. was founded 26 years ago. The establishment of Alphabet Inc. was prompted by a desire to make the core Google business “cleaner and more accountable” while allowing greater autonomy to group companies that operate in businesses other than Internet services.

$GOOG’s opening price in 2024 was $138.40. Price rallied to an all-time of $191.72 this July. Some of the gains in 2024 have been lost as the current price is at $166.72 per share. Alphabet, Inc will report earnings today, expecting Q3 adjusted earnings of $1.84 per share on $86.37 billion in revenue, up from last year’s $1.55 per share and $76.7 billion in revenue.

The fall in the price of Google made price reach $146.97 on September 9, which stands as the current support level. A bounce from the support started on September 11, 2024. There have been a price range in the value of $GOOG since mid-September. Price has been ranging from $160.01 and $167.43. A breakout of the range to the upside is expected soon. The might lead to price gain in the value of $GOOG after the recent loss. The next rally might lead to the price of GOOG breaking new highs in the coming weeks. We see price hitting 190.40 in a couple of weeks.

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