Friday at a glance: Google spiked to $86.73 Friday and consolidated before initiating a fresh rally to $86.7. This comes following Thursday's session in which it closed at $83.49.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Google could be slowing down soon; it is getting close to the resistance line and is now at $87.66, only 96 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Google is likely to reverse course and start pointing downward in the short term.
This rally in Google's share price coincided with other communication services stocks as Meta Platforms gained 2.11%, as it traded at $90.79. Comcast added 2.04% to its value, and traded at $31.
Google went up Friday, yet these communication services stocks did not follow — Netflix lost 3.07% Friday and closed at $260.79.
Also worthy of note, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
The search engine giant has shed 27.41% over the past three months.