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Trends & Analysis
News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

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Asset Watch

Can Alphabet climb the wall of worry?

Thursday, April 4, 2024

Soaring Treasury yields spooked the stock bulls on Apr. 1 and 2, and Big Tech remains caught in the crosshairs. After realising rapid rises in Q1, a minor catalyst could produce a pullback before the next upswing unfolds.
Though Jefferies analysts cited management uncertainty, the lagging performance of Google Cloud, and the threat AI poses to Google Search, they told clients on Mar.31, “We believe GOOGL execs are fully aware of outside criticism and are motivated to step up the intensity behind both AI and Cloud.”
Highlighting the firm’s “top AI talent” and “scaled and sticky user base, with at least nine products with >1Bn users,” they added, “While ‘24 may not hit same %, we believe the stock can grind higher as it responds to the 3 concerns.”
And despite Alphabet’s bright-looking long-term future, a few key technical levels should be on your radar to assess the medium-term risk-reward.

Trendline support drew near the 2023 lows held in October and December 2023, as well as February 2024. Therefore, if the stock can stay above the $146 area, the bullish uptrend should remain intact.

Similarly, the 50-day moving average (the blue line) is not far behind near $144, and the metric is a solid indicator of medium-term momentum. As a result, owning the stock if both hold remains a prudent approach.

So, will Treasury tremors shake Alphabet, or does the stock sport a rock-solid foundation?


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