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Google loses court challenge against EU antitrust ruling

10 Nov 2021

Alphabet (NASDAQ:GOOGL) is trading down 0.08% at 2978.37    

Alphabet unit Google suffered a setback on Wednesday after Europe’s second-highest court dismissed its challenge to an EU antitrust ruling and 2.42 billion euro ($2.8 billion) fine in a major win for EU competition chief Margrethe Vestager.

Vestager sanctioned the world’s most popular internet search engine in 2017 for favouring its own price-comparison shopping service to give it an unfair advantage against smaller European rivals.

The shopping case was the first of a trio of decisions that have seen Google rack up a total of 8.25 billion euros in EU antitrust fines in the last decade.

“The General Court largely dismisses Google’s action against the decision of the Commission finding that Google abused its dominant position by favouring its own comparison-shopping service over competing comparison-shopping services,” the Court said.

Google can appeal to the EU Court of Justice (CJEU), Europe’s top court, on points of law.

On technical fronts Alphabet (NASDAQ:GOOGL) RSI stood at 75.54 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Alphabet (NASDAQ:GOOGL) – BUY: 2984.39, TARGET: 2996.96, STOP LOSS : 2977.31