The Google share price took a hit on Wednesday after the company lost its challenge to an antitrust fine it received in 2017 from the European Commission.
The appeal against the $2.8 billion fine slammed on it for anti-competition practices was dismissed by the German Court of EU. While upholding the fine, the court ruled that the European Commission “correctly” identified the harmful effects of Google’s actions on the competition.
Google still has two pending antitrust-related cases in the EU. The Alphabet (Google) Class C shares were trading 1.15% on the day as of writing.
Google Share Price Outlook
The intraday decline is challenging support at the 2941.02 price mark. A decline below this level targets 2873.00. 2797.68 and 2739.38 are additional targets to the south, while 2663.78 only becomes available if the decline is extensive.
On the flip side, a bounce on the 2941.02 support will enable the bulls to launch another attack on the 3013.90 resistance. If this level is breached, potential upside targets arrive at the 3052.25 and 3108.25 price marks (141.4% and 161.8% Fibonacci extension levels from the swing of 1 September to 4 October.