The US stock market is closed for the President's Day holiday and resumes today. Meanwhile, here is a recap of Friday: the search engine giant has recovered almost all of its session losses after dipping down to $93.45 Friday.
Alphabet made an initial break below its 50 day Simple Moving Average at $94.52, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $94 currently serving as support. If price action breaks below, the next Fib hurdle is $92.29. On the other hand, note that Google could begin to recover as it approaches significant support, now $1.15 away from $93.44. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Google to extend its recent losses.
Google was not the only decliner in the communication services sector; Comcast closed at $39.12 (down 1.51%).
On the other hand, positive performances could be seen by looking at other communication services stocks as Verizon traded at $40.22 after closing Friday's trading day at $39.84 (up 0.95%). T-Mobile was up 1.79%.
Furthermore, United States Existing Home Sales (Jan) scheduled to come out today at 15:00 UTC. United States FOMC Meeting Minutes is expected tomorrow at 19:00 UTC.
The leading search engine company has fallen back around 33.32% over the past 10 months, from a notable high of $143.64.