Shares of Alphabet (NASDAQ: GOOGL) are officially back in bull market territory, having surged more than 25% off their 52-week low and reclaimed the key 200-day simple moving average (SMA). While geopolitical tensions, such as Israel’s recent strike on Iran and escalating fears of a broader conflict, have weighed on markets this morning, with GOOGL down around 2% in pre-market trading at the time of writing, the bigger picture suggests the stock may be staging a durable turnaround.
Despite broader market weakness, Alphabet has been a clear outperformer. Coming into Friday, GOOGL was up nearly 10% on the month, handily outpacing the Invesco QQQ Trust (NASDAQ: QQQ) and the tech-focused SPDR Technology ETF (NYSEARCA: XLK), which were each up just over 4% in the same period.
