Small gain for Google at $103.94 after ranging between $103 and $104.35 today.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
On the flip side, following a previous reading of 107.8, Consumer Confidence in United States released today at 14:00 UTC fell short of the 106.5 figure expected by analysts with an actual reading of 102.5.
At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) came out at 13.1, while a consensus of analysts was expecting 14.4. United States Services PMI released yesterday at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3.
A study of Google's chart reveals various key levels to watch: Alphabet could be slowing down soon as it approaches resistance at $104.92. Of course, crossing it might suggest further gains are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $104.21, thereby suggesting that Google is becoming overvalued.
Overall, while Google has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other communication services stocks also shows bullish price action as Meta Platforms is trading at $134.25 after ending yesterday's session at $129.72 (up 3.5%). Netflix gained 4.2%, currently at $294.31. AT&T is up 1.51%.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States New Home Sales (Sep) is expected tomorrow at 14:00 UTC.
Having set a significant low of $96.15 25 days ago, the leading search engine company is trading 7.09% higher.