Alphabet is forming a base with a 3,019.43 buy point as it gets set to report earnings on Feb. 1. The entry is based on a third-stage flat base, which means it's more prone to failure than a first- or second-stage formation.
Understand that buying close to when a stock reports is risky. You don't know how the stock will report and how the market will react, and you don't have enough time to build a profit cushion. You can reduce your exposure by waiting to see how the company reports and how the market reacts. Using an options strategy during earnings season is another way to put yourself in a position to profit, while minimizing the potential downside.
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Alphabet stock posted 82% EPS growth last quarter, while sales growth came in at 41%.
Analysts expect earnings-per-share growth of 43% for the quarter, and 105% growth for the full year. Annual growth estimates were recently revised upward.
Alphabet stock has a 92 Composite Rating and earns the No. 1 rank among its peers in the Internet-Content industry group. Meta Platforms is also among the group's highest-rated stocks.
Note: Dates for earnings reports are subject to change. Check the company's website for any updates.
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