Following up on the sign from the TD Sequential technical analysis (TA) indicator he shared for Google (NASDAQ: GOOGL) stock on May 26, the popular on-chain analyst on X, Ali Martinez, took to social media on Wednesday to share the next target for the technology equity.
Specifically, the expert noted that, in accord with his previous assessment, GOOGL shares reached $392 on May 27, leading him to believe that his ultimate target provided by TD Sequential – $402 – remains at play.
The final caveat on the path, as Martinez noted, is that Google stock needs to remain above the support zone at $383 for the forecast to remain valid.
TD Sequential is a pattern-seeking TA tool developed by Tom DeMark in 1994. It was made to identify whether an exciting trend would continue or experience a reversal based on an asset’s past performance.
Google stock price performance
Looking at the performance of Google stock itself, there is a risk at press time on May 28 that Ali Martinez’s target will be invalidated.
Specifically, though the equity is 0.21% in the green in the weekly chart, it hit the $392 mark only briefly on Wednesday and has retraced to its latest closing price of $388.83 by the closing bell.
Furthermore, GOOGL shares are in the red in the Thursday pre-market and are changing hands at $386.75.
What is next for Google stock?
Nonetheless, the blue-chip technology giant appears to be in a consolidation phase following a strong April rally that took it 23.38% into the green year-to-date (YTD), and the developments for other artificial intelligence (AI) related stocks hint that the next breakout will be bullish.
Technical indicators based on the past 24 hours, one week, and one month, and retrieved from TradingView by Finbold on May 28, all appear to back the optimistic outlook as they show an overall ‘Buy’ reading.
Wall Street analysts appear to be of a similarly positive disposition, with the vast majority of notes issued within the last week rating Google stock as a ‘Buy,’ and with none issuing a ‘Sell’ recommendation, per the data Finbold retrieved from TipRanks on Thursday morning.
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