Alphabet - is now a good time to buy Alphabet after it fell around 8%?

Alphabet fell around 8% following its earnings report, demonstrating growth amongst its divisions but not exceeding analysts’ expectations. However, this may now be an opportunity as analysts’ ratings are higher for 2024 than its current share price of $142.87. The average 12-month forecast for Alphabet is $164 a share, which is just shy of 15% of potential upside gain. Even though Microsoft is perceived as the current AI leader, Alphabet is certainly up there and will for sure benefit from AI in time to come. Looking at the chart from a technical aspect, we can see that the stock is trying to maintain its support along the trendline. On Friday the price did move lower, as low as $136.55, but it managed to close the session much higher at $142.22. The support now here is the trendline support of $141.79, a break below it would then shift the focus to Friday’s low of $136.66. Towards the upside, there is minor resistance at $143.89 and then at $145.20. A break and close above $145.20 would then allow the bulls to eye up the $150 mark again. The technical indicators are a little mixed, the MACD has now turned negative on the daily interval but the RSI is neutral as it reads 49.