Huawei Feels The Pain: Watch This Level
InTheMoneyStocks.com | May 20, 2019 02:33PM ET
Monday's big news was that many leading tech companies would no longer support the Chinese mobile supplier, Huawei Technologies. Alphabet (NASDAQ:GOOGL) announced that it is suspending business with Huawei and will no longer support its Android phone platform. That news sent GOOGL stock lower by $22.64 (-1.90%) to $1145.98 a share. It should be noted that GOOGL has been weak since April 30, 2019 after it reported disappointing earnings. Recently the company's shares were defended on May 15, 2019 at $1121.40 a share. In that trading session the shares surged higher by nearly $57, but have been pulling back since that day. Should GOOGL's recent low ($1121.40) fail to hold as support it would send a major "sell" signal to the stock.h3 Support/h3
The next major support level will be around $1045 for the stock. As of now, it is holding firmly above that key level, but it is worth keeping an eye on.
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