GOOGLE Inc.: NEWS & Technical Analysis
Google faces $25.4 billion damages claims in UK, and Dutch courts over adtech practices
Alphabet (NASDAQ: GOOGL) unit Google will face damages claims for up to 25 billion euros ($25.4 billion) over its digital advertising practices in two suits to be filed in British and Dutch courts in the coming weeks by a law firm on behalf of publishers.
Google’s ad tech has recently drawn scrutiny from antitrust regulators following complaints from publishers.
The French competition watchdog imposed a 220-million-euro fine on the company last year while the European Commission and its UK peer are investigating whether Google’s ad tech business gives it an unfair advantage over rivals and advertisers.
“It is time that Google owns up to its responsibilities and pays back the damages it has caused to this important industry. That is why today we are announcing these actions across two jurisdictions to obtain compensation for EU and UK publishers,” Damien Geradin at law firm Geradin Partners said in a statement on Tuesday.
Google criticized the imminent lawsuits, saying that it works constructively with publishers across Europe.
“This lawsuit is speculative and opportunistic. When we receive the complaint, we’ll fight it vigorously,” a spokesperson said.
The British claim at the UK Competition Appeal Tribunal will seek to recover compensation for all owners of websites carrying banner advertising, including traditional publishers. Britain has an opt-out regime.
GOOGLE Inc. Technical Analysis: Daily Chart
In the weekly charts, GOOGLE INC. is trading in down channel. GOOGLE INC. is currently trading above 20 days SMA & below 50 and 100 days SMA.
RSI is in buying zone which indicates bullishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 110.99 & the resistance level is at 113.70.
GOOGLE INC. will trade in down channel until there is trend reversal.
How to Trade GOOGLE INC. this Week:
GOOGLE INC. will follow the downtrend until their trend reversal. So, remain bearish on GOOGLE INC..