GOOG Stock Price Forecast: A Look at Wall Street’s Predictions for the Next Year
Alphabet Inc. (NASDAQ: GOOG) is a tech industry leader known for its innovative and forward-thinking approach. Its continued success has made it a popular choice for investors who believe in the long-term growth of the tech industry.
Analyst ratings retrieved from TradingView indicate an overall positive sentiment toward Google’s stock. Recent ratings provided by 50 analysts on GOOG stock show that 39 advocate for a strong buy, 7 recommend a buy, and only 4 suggest holding. It’s worth noting that none of the Wall Street experts have advised selling the stock.
Based on estimates from 45 financial experts on Wall Street, the 1-year price target for GOOG stock is $128.96, with a high estimate of $190.31 and a low estimate of $100 for the next 12 months.
Over the past month, GOOG has traded between $101.44 and $109.63. The current stock price is towards the upper end of this range. GOOG has a support zone of $104.45 to $106.23 and a resistance zone from $108.66 to $109.46.
On May 1, a pseudonymous trading expert on Twitter, Nebraskangooner, expressed positive sentiment toward Google stock.
One of the nicer looking charts to me.
AI narrative and positive earnings.
Really nice dip to retest the 99sma and now consolidating tightly above.
Invalidation for bullish bias is only 4% below. pic.twitter.com/QoqLiqwvuS
— Nebraskangooner (@Nebraskangooner) May 1, 2023
The trader noted that Google’s AI technology and positive earnings make it a strong investment opportunity. Nebraskangooner also mentioned a pattern with the 99-day Simple Moving Average, a commonly used technical analysis tool.
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The recent dip allowed traders to retest the 99sma, and the fact that the stock is now consolidating tightly above it is a positive sign for bullish traders.
It is important to remember that investing in the stock market always comes with risks. The bullish bias towards Google’s stock can only remain intact if the stock price does not drop by more than 4%.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
