Watch These Alphabet Stock Price Levels After Google Parent Joins the $3 Trillion Club

• Alphabet this week became just the fourth company to achieve a market capitalization of $3 trillion, boosted recently by a favorable legal ruling and optimism about the company’s prospects amid the AI boom

• Since breaking out from a saucer pattern in late August, Alphabet shares have trended sharply higher this month.

• The measuring principle projects bullish price targets at $261 and $286.53. Investors should also watch key support levels on Alphabet’s chart around $215 and $201.

Alphabet (GOOGL) this week became just the fourth company to achieve a market capitalization of $3 trillion, boosted by a favorable legal ruling and optimism about the company’s prospects amid the AI boom.

The tech giant joined Apple (AAPL), Microsoft (MSFT) and Nvidia (NVDA) in the exclusive club. Alphabet shares surged in recent weeks after a federal judge ruled that Google doesn’t have to sell its Chrome browser to remedy an antitrust case. Investors have also cheered the integration of Google’s AI tools across its ad and cloud business.

Alphabet shares were down 1% at around $248 in early-afternoon trading Wednesday, leaving the company’s market cap hovering near $3 trillion. Despite today’s decline, the stock has gained about 17% since the start of September and is up 30% since the start of the year.

Below, we dial into Alphabet’s technicals and point out key price levels worth watching out for.

Since breaking out from a saucer pattern in late August, Alphabet shares have continued to trend sharply higher this month.

While the relative strength index confirms bullish momentum with a reading nearing 90, the indicator also warns of heated conditions, potentially leading to short-term price fluctuations and profit taking.

It’s also worth noting that the price formed a spinning top candlestick pattern in Tuesday’s trading session, signaling indecision among buyers and sellers.

Let’s use technical analysis to forecast where the stock could be headed if the rally continues and also point out key support levels worth monitoring.

Investors can forecast two possible bullish price targets on Alphabet’s chart by using the measuring principle, a technique that analyzes chart patterns to project future price movements.

To apply the analysis, we calculate the distance of the saucer pattern from its low to high and add that to the formation’s top trendline value.

When calculating the distance in points, we add $60 to $201, which forecasts a target of $261. ($60 + 201).