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March 02, 2023
A quick look at today: the leading search engine company went up to $92.31, gaining 2%.
Google's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000. Data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.65 million to 1.17 million this month.
Meanwhile, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
Alphabet made an initial breakout above its 10 day Simple Moving Average at $92.27, a potential indicator of a newly emerging bullish phase. Google is currently trading around the $92.29 Fibonacci resistance level. Despite this, Google could be slowing down soon; it is getting close to the resistance line and is now at $93.27, only 96 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Google might continue pointing upwards in the short term.
A look at other communication services stocks also showed bullish price action as Comcast was up 0.87%. Meta Platforms traded at $174.53 after closing today's trading day at $173.42 (up 0.64%). Verizon was up 0.29%.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
The search engine giant has fallen back around 37% from the significant high of $143.64 set 10 months ago.
