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May 04, 2023
Yesterday at a glance: after closing at $106 on Tuesday, Google rallied as high as $108.12 but ended the day at $106.12.
Google is currently trading at $106.12 following the release of FOMC Press Conference data from the United States.
This uncertain state for Google is reflected by published market data as United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States Crude Oil Inventories improved upon its previous reading of -5 million with a new data release of -1.28 million. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
Trend-following investors would be interested to note that Alphabet made an initial break below its 21 day Simple Moving Average at $106.4, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Google's upper Bollinger Band® is at $109.42 and the lower is $103.74. Chart analysis indicates Google is approaching key support, around $1 away from $105.12. 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.
The current technical outlook indicates Google will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances were seen by other communication services stocks as Verizon traded at $37.98 after closing yesterday's trading day at $37.67 (up 0.82%). Meta Platforms closed at $237.03 (down 0.92%). Comcast slumps 0.75% yesterday to close at $41.2.
Data to be released today might clear up some of the market fog as United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 236,000, data will be available tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
The stock has been trending positively for about 2 months. The leading search engine company has gained 18.33% since its lowest print of $83.49 earlier this year.
