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Should you own Meta Platforms or Alphabet?

Trends & Analysis
News

PepsiCo posts earnings beat, but misses on sales

News

Crude oil spikes after US inventories data

News

Risks on the horizon for the S&P 500?

News

GBP/USD retreats after hitting 1-month high

News

US dollar recovers from last week’s losses

News

Should you own Meta Platforms or Alphabet?

Asset Watch

Does Alphabet have AI upside?

Tuesday, December 12, 2023

While Alphabet felt investors’ wrath after its Q3 cloud performance came in below expectations, the company unveiled its new Gemini AI model on Dec. 6, which it said outperforms OpenAI’s GPT-3.5.
Bank of America analysts told clients on Dec. 7 that the product should increase consumer search activity and boost enterprise cloud sales. They wrote:
“We think Google has strong AI capabilities, and data suggesting that Google has best in class, proprietary, AI capabilities can be positive for the shares in 1H’24.”
While the stock has experienced a mixed performance recently, we may not have to wait long for the next breakout or breakdown.
For example, the hourly chart shows how Alphabet confronts resistance around $139. The level is near the September, November and December highs, and the stock retreated after approaching it last week.

However, the blue line shows how the 50-hour moving average acted as support throughout the November upswing, and that stands near $132. But with the MA poised to rise the longer Alphabet remains above $132, it will either hold as support and help facilitate a breakout, or it will falter and could lead to a retest of the November lows.

In a nutshell, the outlook remains bullish as long as Alphabet trades above its 50-hour MA, and its latest AI advancement could help fuel a run back to its all-time high.

Will the bulls win this technical battle, or do the bears still have more fight left?


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