ONLINE FOREX BROKER
2021-02-01 • Updated
Google (Alphabet) will publish its earnings report on the night of February 2-3 (MT time). However, the stock market is really volatile now, so traders shouldn’t rely only on earnings results this time.
To start with, people from Reddit triggered the buying of GameStop shares. The stock price skyrocketed to unprecedented numbers, that’s why brokers as Robinhood put restrictions on trading to regulate the situation somehow. The anger grew as restricting trading borders illegality and more than 100 000 Android phone users left 1-star reviews on Robinhood’s app. What did Google? It deleted that 100 000 negative reviews from the Google Play app store. All this fuss is far from over, and chaos will likely extend into the next days.
According to Goldman Sachs, “Google is poised to be the best performing of those very mega cap large names”.
What are the reasons? 1. Google is expected to benefit from the increase of internet advertising in 2021. 2. “Travel, hospitality, live events—those businesses will return to the marketplace and return to spending”. Since people need to search for these things on Internet, search businesses will boost in 2021.
Google has been in a downside correction after it reached the record high of $1 929. The stock is likely to move down in the near term as both the RSI indicator and the Awesome Oscillator are heading downwards. However, Google has been trading in an ascending channel since March of 2020. Therefore, we may expect the stock to reverse from the 50-day moving average of $1 790 and rally to the all-time high of $1 929. Support levels are at 1 790 and the recent lows of $1 700.
Follow Google’s earnings report on the night of February 2-3 (MT time). If the actual numbers come out better than the estimates of $15.68 earnings per share(EPS), Google should rise. If worse – Google should drop.
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Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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