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May 16, 2023
Though in the midst of an 8 day uptrend, gaining a total of 11.17%, ($12.71), Yesterday's session suggests run might be coming to an end — an influx of sellers pushed the leading search engine company to session lows around $116.48 while establishing a $116.48 to $118.79 session range yesterday.
While price action maintains a negative bias, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Trend-focused traders would be interested to note that 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 according to technical analysis of Google's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Google's upper Bollinger Band® is at $117.86 which indicates a further downward move may follow. Technical analysis of Google's past price action reveals multiple support and resistance levels: Google could begin to recover as it approaches significant support, now 93 cents away from $116.03. Dipping below could be an indication that further losses are ahead.
Notwithstanding Google's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Google was not the only decliner in the communication services sector; Verizon went down to $36.77, losing 2.18% after it closed at $37.59 yesterday.
On the other hand, positive performances could be seen by looking at other communication services stocks as Meta Platforms traded at $238.86 after closing yesterday's trading day at $233.81 (up 2.16%).
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Moreover, United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
The stock has been trending positively for about 2 months. The past 3 months have been positive for the leading search engine company as it added 20.25% compared to its 3-month low of $83.49.
