Alphabet shares gain the most in three weeks on Thursday, Google teams up with Orange in funding start-ups in EMEA

Google was reported to have teamed up with French telecommunications company Orange via its corporate venture fund in order to invest in tech start-ups based in Europe, the Middle East and Africa.

Alphabet shares closed higher for a second consecutive trading session on NASDAQ on Thursday. It has also been the sharpest daily surge since May 9th. The stock went up 1.61% ($17.19) to $1,084.99, after touching an intraday high at $1,097.19, or a price level not seen since May 14th ($1,110.75).

Shares of Alphabet Inc have gained 3.69% so far in 2018 compared with a 1.18% gain for the underlying index, S&P 500 (SPX).

In 2017, Alphabet’s stock surged 35.58%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

Orange Digital Ventures, Oranges 350-million-euro venture capital fund, and Google are to assess investment opportunities in business areas such as cybersecurity, network connectivity, cloud, Artificial Intelligence and financial technologies.

According to Yann Kandelman, head of investments and development at Orange Digital Ventures, the partnership is a logical move, since Googles focus on tech companies and Oranges focus on telecoms are interconnected.

The collaboration is also expected to enable Google to access start-up firms in Africa, a region where Orange has already gained key positions.

According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,250.00, with a high estimate of $1,360.00 and a low estimate of $970.00. The median estimate is a 15.21% surge compared to the closing price of $1,084.99 on May 31st.

The same media also reported that 36 out of 44 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 5 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Alphabet stock are presented as follows:

R1 – $1,087.71
R2 – $1,090.42
R3 (Range Resistance – Sell) – $1,093.14
R4 (Long Breakout) – $1,101.29
R5 (Breakout Target 1) – $1,110.80
R6 (Breakout Target 2) – $1,115.10

S1 – $1,082.27
S2 – $1,079.56
S3 (Range Support – Buy) – $1,076.84
S4 (Short Breakout) – $1,068.69
S5 (Breakout Target 1) – $1,059.18
S6 (Breakout Target 2) – $1,054.88

By using the traditional method of calculation, the weekly levels of importance for Alphabet Inc (GOOG) are presented as follows:

Central Pivot Point – $1,075.12
R1 – $1,088.54
R2 – $1,101.41
R3 – $1,114.83
R4 – $1,128.24

S1 – $1,062.25
S2 – $1,048.83
S3 – $1,035.96
S4 – $1,023.08