Google flat yesterday, closed at $105.91 while in the midst of a bearish run

A 6 day downtrend has resulted in the asset losing $3.56. With a marginal improvement upon yesterday's session, a quiet day for Google as it remained range-bound within a $105.49 – $106.64 range before closing at $105.91.

This uncertain state for Google is reflected by published market data as United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. Fresh CFTC Gold speculative net positions data from United States came out at 189,900.

Alphabet made an initial break below its 5 day Simple Moving Average at $106.38, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $105.84 currently serving as support. If price action breaks below, the next Fib hurdle is $100.17. On the other hand, note that Google is approaching key support, around 53 cents away from $105.38. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests Google is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other communication services stocks as AT&T was up 3.23%. Netflix added 0.81% to its value, and traded at $328.

The stock has been trending positively for about a month. This year has been a bright one for the leading search engine company after trading as low as $83.49 and going on to appreciate by 18.07% year to date.