Can Google Stock Price Hit a New High With Antitrust Fine Appeal?

Summary:

Google stock price could hit new highs if it succeeds in its attempt to overturn the record fine imposed on it by the EU Commission in 2018.

Alphabet company Google says it will challenge the record fine of 4.34 billion euros meted out by EU antitrust regulators in a September hearing at the 2nd highest court in Europe.

The European Commission fined Google for anti-competitive practices involving the Android operating system. The Android operating system is used in 4 out of 5 smartphones globally and can be used by phone makers without cost.

This move comes as US President Joe Biden signed an executive order to go after companies in the technology and healthcare sector carrying out trade and business practices deemed to be unfairly beating out the competition.

Google’s share price responded positively to the company’s decision to appeal the judgment, rising 0.41% as of writing on Monday.

Technical Levels to Watch

The next pitstop for Google stock price is the 2615.22 resistance, formed by the 88.6% Fibonacci extension from the 25 March-28 April-12 May price swing. A break above this level sends Google to a new high, aiming for 2667.37.

On the flip side, rejection and pullback from the current resistance target 2554.89 initially (23 June high), with 2493.02 and 2438.66 forming additional downside targets.