Bearish mood pushes Google to session low of $131.09
- Daily trading volume (21.33 million shares) was slightly greater than the current multiday average of 20.96 million.
- Google has dropped $4.4 over the past 6 days; yesterday's session continued this downtrend.
With investors awaiting market open in 8 hours, yesterday's session was noteworthy in that S&P 500 dropped by 1.64% to close at 4,330. Nasdaq draws back 1.82% before ending the session at 13,224.
Google was down yesterday while similar drops were seen throughout the Communication Services sector (down 0.595%).
The search engine giant has fallen back around 3.17% from the significant high of $139 set 8 days ago.
So far in 2023, it has performed better than the Nasdaq by 52.49%.
The search engine giant's market cap currently stands at $1.65 trillion
daily trading volume (21.33 million shares) increased, making up 100% of the 21-day average (20.96 million).
Google is forecasted to generate revenues of $65.42 billion and EPS of $1.32.
When comparing to recent reports, some of Google's indicators look better than others, and the stock's fundamentals remain slightly above the competition.
When analyzing Google's indicators the one that pops out as most significant is the company's Free Cash-Flow (FCF), with a solid 17.22 billion. Although it is below the competition average, it is now doing better than its trailing twelve-month average of 15.33 billion. FCF is the cash a company has available to use. FCF is different from net income in that it includes the expenses of capital goods and changes in working capital. Debt-to-equity ratio with a value of 0.11, appears to be the most notable. This is higher than industry standard and shows an improvement over the preceding value of 0.43.
Fundamental analysis puts Google at a rating of 'Buy'.
Google chart analysis: Alphabet could begin to recover as it approaches significant support, now 79 cents away from $130.57. Dipping below could be an indication that further losses are ahead.
Trend-focused traders would be interested to note that 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.
According to asset volatility analysis, Google's lower Bollinger Band® is at $130.75, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Google has no clear-cut direction.
REGION: United States ASSET: Google (GOOG) PREV. OPEN: $132.39 PREV. CLOSE: $131.36 PRE-MARKET: $131.26 TIME TO OPEN: 8 hours
