Alphabet Share Price Falters As Company Faces Potential Legal Trouble

Alphabet’s share price is gearing up for a significant move after its tracking technologies came under the spotlight for two different reasons. Last week, Google announced a partnership with Apple to develop tracking software to enable contact tracing in public health settings on both the iPhone and Android devices. These will come in the form of built-in apps into new devices. The company plans to issue tracking software across several countries.
US authorities have not said much about the plan, although US President Donald Trump hinted at the need for extensive consultations on the issue. But not all are enamoured with this development. Europe has traditionally held a more suspicious view of Google’s tracking activities. Noyb.eu has filed a GDPR complaint against Google over what it terms is user tracking using an “Android Advertising ID”. This complaint was filed in Austria and has contended that Google does not seek user consent before forcing the IDs onto the phones of European users. In other words, the tracking ID placed on all new devices breaches the “opt-in” option that European users have under the strict privacy laws of the GDPR.
Concerns about the outcome of this case may have got the attention of investors on the Nasdaq, where Alphabet’s share price currently trades at 1337.38, or 0.82% lower on the day.

Alphabet Share Price Outlook

Alphabet share price currently lies at the lower edge of the rising channel, and also the 1336.42 support line (lows of Dec 12/31 2019). A breakdown of this price level also violates the channel, and opens the door towards the 1292.90 support target. Below this price level lies the 1246.38 and 1198.36 support levels.

On the flip side, a bounce from the current support level allows Alphabet share price action to move towards the opposing channel border, but this move will have to contend with the resistance at 1427.95. The next resistance target lies at the 1500 price level, where Alphabet share price may act as a psychological resistance.

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Alphabet Share Price Chart (Daily)

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