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April 30, 2023
In the midst of a 3 day bullish trend, Friday's session put the brakes on the ongoing uptrend — Google recovered back to $108.22 after dipping down to $106.04, in a session that followed Thursday's $108.37 close value.
Alphabet's upper Bollinger Band® is at $109.55, suggesting that a downward move may follow. Despite this, Google is climbing away and is now $1.48 from the $106.74 support line.
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 T-Mobile went down 4.03%, closed at $149.94. Comcast traded at $41.37 after closing Friday's trading day at $40.27 (up 2.73%).
Data to be released tomorrow might clear up some of the market fog as United States ISM Manufacturing PMI (Apr) scheduled to come out tomorrow at 14:00 UTC.
The stock has been trending positively for about 2 months. The leading search engine company has managed to gain 20.61% so far this year despite trading at lows around $83.49 previously.
