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Here's Why It May Be Time To Sell Shares Of Google Stock – Investor's Business Daily

March 4, 2024

Investor in Google’s parent company alphabet (Google) may be feeling a sense of déjà vu after announcing the company’s fourth-quarter financial results on January 30th. Reason: Google stock has since triggered two of his sell signals.

“Magnificent Seven” shares rose to 153.78 after breaking through the buy point of 139.42 on the cup with handle ahead of the earnings report.but IBD market surge According to chart analysis, the stock price fell significantly after the earnings report.

The stock has remained flat since then, but fell sharply last week, closing 4% below its 10-week moving average. This pushed Google stock below its original handle buy point of 139.42. This was a 10.3% loss and triggered the round-trip selling rule.

The stock fell another 3% on Monday and is trying to hold support at its 200-day moving average. However, on the weekly chart, the stock price is below its recent flat base.

Google stock: Rating downgrade

Meanwhile, Google’s relative strength rating has steadily declined from 91 six months ago to 73. This indicates that the stock is outperforming a small number of stocks in Investors Business Daily’s database.

There are other signs of weakness on Google’s stock chart. After the stock price fell sharply on January 31st, the relative strength line fell sharply and continues to decline.

Fourth quarter sales were $95 billion, up 10% from the same period last year, and earnings per share were $1.93, up 18%. Meanwhile, the search giant faces increasing competition from his OpenAI. microsoft (MSFT) has a major stake. Microsoft has added search capabilities developed by OpenAI to its Bing search engine.