Alphabet Inc (NASDAQ:GOOGL) last traded at $98.02. Earnings are approaching at the end of the month and this will be a binary event. At the last earnings call, GOOGL dropped hard on decreasing ad revenue. However just this past week GOOGL announced that they have started to lay off employees and this pleased investors which made GOOGL gap up overnight into Friday. Even if revenues are similar to last quarter these cost savings might be enough to encourage investors at the earnings calls.
Finally, the technicals of the GOOGL chart are also encouraging as you can see above. It made a solid double bottom around $85. It’s now back above the 200 SMA On the weekly and back at the downward trendline. $100 is going to be a key level for it to get above and then $101 as that’s the 34 EMA On the weekly, the second downward trendline and previous support and resistance. Above that level I believe that GOOGL can push to the next level at $105.
