Last week, tech companies suffered less than reports that Wall Street had expected. Investors, of course, have accumulated weaker results and technological indices have seen a decline.
Within a few minutes, following the closing of US markets (23:00 GMT), we expect the publication of Alphabet's financial statement (GOOG.US), which, according to a large number of market participants, will be decisive for the further development of the technology sector.
Here are the expectations:
Technical analysis - D1
The price continues to be in the long-term upward trend, but current circumstances do not allow for adequate positioning with minimal risk. The price is "in nothingness" - it is far from basic support and resistance. From a fundamental point of view, investors are nervous given the expected financial statement. What is interesting right now is that we have a Double top formation that is still inactive. If today, after closing the markets, we see a bad financial report of Alphabet, the likelihood of the formation being activated will increase significantly.
Since the report will be published in off-exchange trading, the technical analysis remains weak before the markets are opened tomorrow. No matter what the financial result of one of the most used companies in the world, one is sure GAP will have!
We are waiting for the report, after which we will be able to correctly determine the entry before the markets start tomorrow (4:30 pm).
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