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June 08, 2023
Google traded at $122.94 after making its biggest single-day drop of $4.97 (3.89%) since Feb 9.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 235,000. Potentially significant price fluctuations in Google are expected to follow.
Following a previous reading of 4.49 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 1 million figure expected by analysts with an actual reading of -451,000.
Meanwhile, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
Alphabet made an initial break below its 10 day Simple Moving Average at $124.69, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $125.87, market bears have earmarked $117.98 as the next downside target. On the other hand, note that Google could begin to recover as it approaches significant support, now $2.41 away from $120.53. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Google to extend its recent losses.
Google was not the only decliner in the communication services sector; Meta Platforms lost 2.77% yesterday and closed at $263.6.
On the other hand, positive performances could be seen by looking at other communication services stocks as AT&T traded at $16.1 after closing yesterday's trading day at $15.67 (up 2.74%). Verizon was up 1.61%.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released today at 12:30 UTC.
The stock has been trending positively for about 3 months. The search engine giant now trading 29% above its 3-month low of $83.49.
