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June 04, 2023
A quick look at Friday: Google ended Thursday's session at $124.37. Friday started with an increase to $126.75, but dropped back and closed at $125.23.
After reaching the known resistance zone beginning at $126.53, Alphabet price action retreated approximately $1.3. Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Google is set for a reversal in the coming days.
While Google was bullish Friday, the following communication services stocks underperformed: Verizon lost 3.19% Friday and closed at $34.58. AT&T closed at $15.21 (down 3.8%). T-Mobile lost 5.56% Friday and closed at $131.19.
Elsewhere, United States ISM Non-Manufacturing PMI (May) will be released tomorrow at 14:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC.
The stock has been trending positively for about 3 months. The past 3 months have been positive for the search engine giant as it added 33.5% compared to its 3-month low of $83.49.
