FactSet consensus estimates EPS at $2.01, a 6.3% increase from $1.89 a year ago.
Alphabet's all-time high was reached on February 4, the day of its last earnings report. At that time, the company posted EPS of $2.15, slightly beating estimates of $2.12. However, revenue came in below expectations at $96.47 billion versus the $96.69 billion consensus. Despite the earnings beat, the stock closed at $206.13 that day and opened sharply lower the following morning at $191.08—a 7.3% drop. The selloff deepened over the following weeks, ultimately bottoming at $140.53 on April 7, marking a steep -32.13% decline from the February high.
Technically, holding above the 200-hour moving average keeps the bullish case alive in the short term. A break below that level—and below the 50-hour moving average at $153.42 and the 100-hour moving average at $152.46—would shift the bias back to the downside.
On the upside, the next key resistance target is the April 14 high at $161.72. Beyond that, the 38.2% retracement of the drop from the February high comes in at $165.94, just above the 50-day moving average at $164.61. A break above both would strengthen the bullish outlook and open the door for further recovery.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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