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March 06, 2023
After ending the previous trading day at $94, Google went up to $96.3 only to drop back; still positive overall today, now trading at $95.74.
Meanwhile, data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Alphabet broke through the $95.05 resistance, climbing 69 cents above it. Google made an initial breakout above its 21 day Simple Moving Average at $95.94, a potential indicator of a newly emerging bullish phase.
Overall, looking at the technical analysis landscape, it seems Google might continue pointing upwards in the short term.
Rallies can also be seen in other communication services stocks, T-Mobile added 1.28% to its value, now trading at $143.72. Meta Platforms is up 0.59% to $186.34.
While Google is higher so far today, these communication services stocks are struggling: after closing the previous session (Friday) at $38.26, Verizon lost 10.9 cents and is trading around $38.15.
Also worthy of note, United States Fed Chair Powell testimony scheduled to come out tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
Approximately 11 months ago, the leading search engine company reached a significant high of $143.64 but has struggled to hold onto its gains and declined 34.55% since then.
