Market Overview

The Fundamental And Technical Case For Further Upside In Alphabet

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It was merely a matter of when and not if Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s stock would rise above the $1,000 per share milestone. Now that it's occurred, investors can expect further upside, according to Oppenheimer's technical expert Ari Wald.

Looking at Alphabet's stock performance versus the S&P 500 shows that $1,000 per share is just the beginning for Alphabet's stock, Wald explained this week on a CNBC "Trading Nation" segment. Specifically, the stock has been trading in a narrow 18-month range versus the broader index but broke to the upside and signals the resumption of a longer-term outperformance.

It also helps the stock market remains in the middle or a bullish cycle, he added.

Fundamental Case

Boris Schlossberg of BK Asset Management was also a guest and offered the fundamental case for further upside in Alphabet's stock.

Many households are full of Apple Inc. (NASDAQ: AAPL) computers and devices but most of these electronic tools are full of Alphabet's tools and apps, Schlossberg noted. As such, few if any other companies own the "consumer mindspace" as much as Alphabet does.

In addition, there is also few if any competitive threats Alphabet faces across the many spaces it is dominant in.

"That's why there's so much promise in them going forward," he emphasized.

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Posted-In: Ari Wald CNBC Google Google AppsTechnicals Tech Media Trading Ideas

 

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