Alphabet trapped in a hesitant place - Analysis - 25-01-2023

Economies.com
5 days ago

Alphabet's stock (GOOG) fell in the intraday levels after the US Justice Department filed a anti-trust lawsuit against Google for its digital ad business, sending the stock down 1.98%, or 2 points, settling at 99.21, with trading volumes surpassing 27.3 million shares, similar to 10-day averages. 

 

Technically, the stock is exposed to negative pressure after hitting the resistance of the main downward trend line in the short term, with negative signals from the RSI, while receiving positive support from the 50-day SMA. 

 

Therefore we expect more losses for the stock, targeting the support of 94.40, provided the resistance of 102.60 holds on.

 

Expected trend for today: Bearish 

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