Risk-on start of the week
The market sentiment is positive at the start of the week despite constantly rising virus cases all over the world.
Google will release earnings on April 28
This week and the next one the world’s top companies will report their first quarter earnings. Will the leading firms remain leading under the coronavirus pressure? Let’s start with Google.
Advertising generates roughly 70% of the Google’s total revenue. And these days many companies have stopped advertising their products and services, as they lost their customers amid the coronavirus spread and they can’t afford it anymore, especially travel and hospitality industries. Paid clicks make nearly 20% of the Google’s revenue. Looking at the proportions, even higher volumes of users could hardly offset the drop of the advertising revenue. This might be a signal for an upcoming way down. Anyway, we will see its performance in its earnings report on April 28 at 23.30 MT time.
Let’s look at the chart below to know where is the Google stock now. It declined by 500 dollars from February 20 to March 23. Then it reversed and now its price is 1268 dollars. That is near 50% Fibonacci retracement level. Resistance line is 1333. Support line is 1211.
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