Google stock price has reached a new all-time high on ongoing strength in the tech sector. The company’s share price is in a bullish trend since the 2020 pandemic meltdown, a trend that accelerated since last November’s announcement of the efficacy of the vaccine.
Last week, the Federal Reserve announced that it sees two possible rate hikes in 2023 instead of only one as the markets expected. As such, the stock market corrected while the dollar gained. Nevertheless, the tech sector performed quite well, bouncing back and, as shown by Google, even making a new all-time high.
The thing is that Google stock price benefited from two market developments. On the one hand, the Q2 earnings are just around the corner and the estimates are that the tech sector has outperformed during the later stage of the pandemic once again. On the other hand, the European Union just announced that the EU top court would not consider YouTube liable for user copyright breaches under certain conditions.
Investors, therefore, bought Google shares and the market has reached a new all-time high despite the Fed discussing the removal of its asset purchases.
The technical picture looks as bullish as bullish can be. To get a better entry, traders may want to wait for a pullback to the middle of the rising channel before going long with a stop at the previous higher low and a risk-reward ratio that exceeds 1:2.
Follow Mircea on Twitter.
