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July 03, 2023
Today at a glance: an influx of sellers pushed the search engine giant to session lows around $119.7 while establishing a $119.7 to $121 session range today.
Google is currently trading at $120.56 following the release of ISM Manufacturing PMI (Jun) data from the United States.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released today at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) came out at 41.8, while a consensus of analysts was expecting 44.
Trend-following investors would be interested to note that Alphabet made an initial break below its 5 day Simple Moving Average at $120.03, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $118.24, a low enough level to, generally, suggest that Google is trading below its fair value. Technical analysis shows that Google could begin to recover as it approaches significant support, now $1.57 away from $119. Dipping below could be an indication that further losses are ahead.
Overall, while Google has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
On the other hand, positive performances could be seen by looking at other communication services stocks as AT&T gained 1.07%, as it traded at $16.12. Comcast traded at $41.76 after closing today's trading day at $41.26 (up 1.21%). Verizon was up 0.46%.
The search engine giant has fallen back around 5.43% from the significant high of $127.91 set 27 days ago.
