Alphabet (GOOGL) Shares Hover Near Key Support Ahead of Earnings

Back on 31st March, we highlighted the potential for Alphabet (GOOGL) shares to drift toward the psychological support level of $150 amid bearish sentiment. Fast forward to today, and that scenario appears to be playing out, with GOOGL now trading close to that very mark.

Interestingly, the stock price is currently positioned almost equidistant between recent highs and lows (points A and B), indicating a state of equilibrium — suggesting that traders are adopting a wait-and-see approach ahead of Alphabet’s Q1 earnings report, set for release tomorrow, 24th April.

Anticipation Builds for Alphabet’s Q1 Results

With the Nasdaq 100 index (tracked as US Tech 100 mini on FXOpen) down roughly 13.5% year-to-date, investors are treading carefully into tech earnings season. According to Barron’s, three major themes are expected to shape the narrative:

– Management guidance in light of ongoing uncertainty around US tariff policies;
– Capital expenditure plans focused on AI infrastructure;
– Early signs of weakening consumer demand.

In such a climate, Alphabet’s report could carry outsized influence — potentially setting the tone for other major tech earnings to follow.

Technical Outlook

The $150 mark has consistently acted as a key support level throughout 2024, and its current proximity may set the stage for a pivotal move. A strong earnings report could spark a bullish reversal from this level, while disappointing figures may open the door to further declines.

Technically, GOOGL remains in a downtrend (highlighted in red), following a breakdown from a rising channel (shown in purple) that had been in place since last autumn. However, a confident forward-looking statement from Alphabet’s leadership could encourage bulls to retest the upper boundary of this downward channel — and potentially shift momentum in their favour.

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