| 
June 26, 2023
Friday at a glance: the leading search engine company dropped 0.69% early on and traded close to the $123 level.
Despite being in the red so far in the current trading session, Alphabet peaked above its 3 day Simple Moving Average around $123 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $121.27, a low enough level to, generally, suggest that Google is trading below its fair value. Google could begin to recover as it approaches significant support, now $1.83 away from $121.19. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Google might start pointing upward in the short term.
Google was not the only decliner in the communication services sector; Verizon lost 0.95% Friday and closed at $35.51. Comcast lost 1.21% Friday and closed at $40.09.
On the other hand, positive performances could be seen by looking at other communication services stocks as Meta Platforms traded at $288.73 after closing Friday's trading day at $284.88 (up 1.35%).
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 104, having previously been at 102.3. The figure will be published tomorrow at 14:00 UTC.
Furthermore, United States Building Permits will be released tomorrow at 12:00 UTC. United States New Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
The leading search engine company has fallen back around 3.16% over the past 20 days, from a notable high of $127.91.
