Google continues a 5 day uptrend, gaining a total of 13.26%. Today's session pointed in the same direction — after closing at $99 today, Google maintained a strong bullish bias that helped the stock close higher at $99. However, market bears ensured the the search engine giant topped out at $99.85 and that by the end of the session, the market had marked out a distinct $97.9 to $99.85 range.
United States's Crude Oil Inventories new data released of -5.4 million below its previous figure.
Google's uptick comes amid good United States macroeconomic data released during the day — United States Core Retail Sales beat analyst expectations of 0.4% and the previous reading of 0.1% with new data of 1.3%. United States Retail Sales improved upon its previous reading of 0% with a new data release of 1.3%.
Google's uptick comes amid disappointing United States macroeconomic data released during the session – United States Crude Oil Inventories fell short of the -440,000 projections, with new data of -5.4 million.
Alphabet made an initial breakout above its 50 day Simple Moving Average at $98.93, a potential indicator of a newly emerging bullish phase. On the other hand, note that although Google is appreciating today after rising as high as $99.85, price action is now slowing and consolidating around $1.43 below the $100.42 resistance level.
Overall, looking at the technical analysis landscape, it seems Google might continue pointing upwards in the short term.
Google went up today, yet these communication services stocks did not follow — Meta Platforms went down 3.29%, closed at $117.08. Netflix stumbles 1.35% today to close at $310.2.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (Nov) will be released tomorrow at 13:30 UTC. United States Building Permits (Oct) is scheduled for tomorrow at 13:30 UTC. United States Initial Jobless Claims figure is projected at 225,000. It previously stood at 225,000; data will be released tomorrow at 13:30 UTC.
Having set a significant high of $150.71 13 days ago, the leading search engine company is trading 18.24% lower.