GOOGL Stock Price down by 9.74% on a week, Bard vs ChatGPT

GOOGL

  • NASDAQ: GOOGL stock failed to hold the price above 200 day EMA and also slipped below 50 day EMA
  • Alphabet’s saw a decrease of $100 Billion in market value due to its chatbot ‘Bard’ botching a question
  • Open AI bot ChatGPT supported by MSFT had given tough competition to the Google AT bot ‘Bard’

Alphabet Inc (NASDAQ: GOOGL) stock price is down by 9.74 on the weekly basis which turned out to be a worst week for investors. Recently, on Wednesday, GOOGL lost $100 Billion of market value due to its new AI chat bot ‘Bard’ thrown a incorrect information which has raised the concern among investors about the competition going on between Open AI ChatGPT supported by tech giant Microsoft Corp (NASDAQ: MSFT) and GOOGLE’s Bard.

‘Bard’ error is temporary pain for the GOOGL stock

NASDAQ: GOOGL daily chart by Tradingview

Alphabet Inc (NASDAQ: GOOGL) stock price has witnessed a massive selling from its recent peak due to the incorrect information thrown by its AI chatbot ‘Bard’ which has raised concern among the investors. Recently, At the mid of January, GOOGL stock price had succeeded to reclaim above the 50 day EMA after a very long time which has derived the positive sentiment in the tech giant and prices surged 15% approx in a short span of time but unfortunately the 200 day EMA becomes a barrier for the bulls and prices again took the downward direction. 

GOOGL stock had been in a downtrend for the past couple of months and bulls have tried multiple times to keep the prices above both the EMAs but got rejected from the higher levels indicating that the strong bear’s are active at the supply zone and searching for opportunities to create short positions. However, the recent fall seems to be purely news based and prices are likely to bounce back from the support levels.

The technical indicators of the GOOGL stock like MACD which has generated a negative crossover indicates bearishness to continue for few more days and the RSI at 46 sloping down denotes weakness but ultimately GOOGL prices are near to the support zones and likely to stabilize in the coming few weeks. On the lower side, $90.00 to $92.00 will act as a important support zone for the bulls and prices are expected to hold these levels. However, if prices slip below $90.00 then bear’s may try to drag it down toward yearly lows.

Summary

Alphabet Inc (NASDAQ: GOOGL) stock price had shocked the investors with its weekly performance and lost $100 Billion market cap in a short span of time due to incorrect information thrown by its AI chat bot ‘Bard’ which shows how a tiny mistake can turn out to be disaster for the tech giants. However, technical analysis suggests that prices are near the support zone and likely to see some sort of consolidation before deciding the further direction. 

Technical levels

Resistance levels : $103.09 and $108.14

Support levels : $92.00 and $85.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2023/02/11/googl-stock-price-down-by-9-74-on-a-week-bard-vs-chatgpt/