Among other things, 2023 has been a year marked by the resurgence of technology stocks.
Alphabet Inc (NASDAQ: GOOGL), the parent company of Google, is one of the tech giants that witnessed a noteworthy rebound in its stock price after facing a challenging 2022.
Fueled by a surge in investor interest in generative artificial intelligence (AI), akin to industry peers Microsoft (NASDAQ: MSFT), Meta Platforms (NASDAQ: META), and OpenAI, Google has intensified efforts in developing large language models (LLMs), releasing the likes of Google Bard and Gemini LLM.
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Despite this upward momentum, Alphabet faced stock fluctuations, notably after its latest earnings report. While surpassing estimates on top and bottom lines, concerns arose over an underwhelming revenue performance in its crucial cloud unit, a key factor in the company’s bid to compete with Amazon Web Services and Microsoft Azure.
As 2023 approaches its conclusion, Finbold turned to quantitative analysis on December 20, seeking further insights into GOOGL’s potential near-term price trajectory.
AI GOOGL prediction
According to the latest data retrieved by Finbold, CoinCodex’s AI algorithms projected GOOGL’s stock price to trade at $141.1 on January 1, 2024, implying a minor upside of less than 1% from the current stock price.
One month from now, the company’s share price is anticipated to drop slightly further to $131.9, however, the long-term projection is notably more bullish. A year from today, CoinCodex predicts Alphabet’s shares to surge by more than 28% to $179.9.
GOOGL technical analysis
Shares of Google rose 2.5% at the market open on Wednesday, trading at $140.1 at the time of publication.
At this price level, it faces immediate resistance at $141.2. Piercing through this barrier would allow the bulls to attack the next resistance line at $143.8, a level not seen since March 2022.
On the downside, the stock is underpinned by a support area around $139.3, followed by the next major defense at $133.12, where the 100-day moving average (MA) is located.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
