Google Beats Forecasts, Relieves Facebook Concerns – Buys Look Strong

Alphabet’s second-quarter earnings report, released on Thursday (28/7), reported that earnings per share for the quarter came in at $8.42, easily beating expectations of $8.06. Also, Google’s parent earned total revenue of $21.5 billion for the quarter ending in June, topping the analyst forecast of $20.64 billion. The company reported a 21% jump in overall revenue from mobile ads, relieving investors’ concerns that Facebook was stealing market share. Alphabet’s shares jumped in after-hour trading to a three-month high of $747.19 before easing back to $745.08. On the H4 chart, RSI (14) rallied to 60.8433, suggesting that the bullish trend is becoming stronger. Additionally, ADX(14) edged up to 29.2369, along with the DI+ line climbing up and moving above the DI- line, which confirms the strength of the bull. The stock is anticipated to climb further.

Trade suggestion

Buy stop at 745.37, Take profit at 747.31, Stop loss at 744.61

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