A quick look at yesterday: Google ended Wednesday at $105. yesterday it went up to $106.89 only to drop back, yet still managed to close at $105.9.
On the flip side, United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 245,000, falling short of the 240,000 projections and continuing its decline from the previous 240,000 figure.
Meanwhile, United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.
Despite posting gains on yesterday, Alphabet slid below its 21 day Simple Moving Average at $105.26 during the last session — an early indicator that a negative trend could be emerging. Google is $1.08 away from testing key resistance at $106.98. Peaking above this level could inspire market bulls and open the path to further gains. Despite this, Google formed a session range of $104.64 to $106.89 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $105.84.
Examining the technical analysis landscape, Google is likely to reverse course and start pointing downward in the short term.
While Google was bullish yesterday, the following communication services stocks underperformed: AT&T lost 10.41% yesterday and closed at $17.65. Verizon went down to $37.19, losing 3.65% after it closed at $38.6 yesterday. T-Mobile closed at $145.94 (down 1.91%).
The stock has been trending positively for about a month. This year has been a bright one for the search engine giant after trading as low as $83.49 and going on to appreciate by 18.24% year to date.