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May 12, 2023
Google rallied to $118.44, hitting its highest point in 8 months; it later lost $1.54 and closed at $116.9.
On the flip side, highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 264,000, falling short of the 245,000 projections and continuing its decline from the previous 242,000 figure.
At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Alphabet price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Google is currently 'overbought' which suggests new gains will be harder to obtain. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $114.76, thereby suggesting that Google is becoming overvalued. Chart analysis suggests although Google is appreciating today after rising as high as $118.44, price action is now slowing and consolidating around $1.68 below the $118.58 resistance level.
Overall, while Google has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Google's share price coincided with other communication services stocks as Netflix gained 2.78%, as it traded at $344.76. Meta Platforms was up 1.16%. Comcast added 1.28% to its value, and traded at $40.37.
The stock has been trending positively for about 2 months. The search engine giant now trading 24.42% above its 3-month low of $83.49.
