Tuesday, April 30, 2019 12:13:31 PM
This morning, leading tech giant, Alphabet Inc (NASDAQ:GOOGL), is plunging lower after reporting earnings. Obviously, the street did not like the earnings report from the company. Alphabet reported a sharp decline in ad revenue. The company also said changes to the YouTube algorithm caused lower engagement and ad revenue growth on the site. Today, the shares are trading lower by nearly 8.0% to $1193.76 a share. Traders and investors should note that GOOGL stock is now trading down to its important 50-day moving average. A weekly close below this key support level will likely cause the shares to decline further. At this time, the daily chart is still showing very good short term support around the $1174.00 level. This is a key support area and where the stock was defended on March 28, 2019. As always, the pattern over the next few weeks will be important.
Nick Santiago
InTheMoneyStocks
Recent GOOGL News
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