Alphabet (GOOGL) shares tumbled Wednesday after an Apple (AAPL) executive reportedly said the iPhone maker is looking to add AI-powered search opti💞ons to its Safari bro🦄wser, adding they could eventually replace standard search engines like Google's.

The two tech giants have a longstanding partnership that sees Alphabet’s Google pay Apple an estimated $20 billion a year to make its search engine the default option on Safari in exchange for the iPhone maker receiving a cut of Google’s ad revenue through the browser. The news heightened concerns that 澳洲幸运5官方开奖结果体彩网:AI is chipping away at Goo🌜gle’s bread-and-butter online search business. ꦅ 

Alphabet shares have slumped 20% since the s🔜tart of the year through Wednesd♉ay’s close, in part over concerns that an economic slowdown could hit revenue as ad spending is reined in. The stock fell more than 7% to close near $151 on Wednesday.

Below, we take a closer look at Alphabet’s chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to ide🔥ntify major pricಌe levels worth watching out for.

Rising Wedge Breakdown

Following an ominous 澳洲幸运5官方开奖结果体彩网:death cross surfacing on the chart last month, Alphabet shares staged a countertrend rally to form a 澳洲幸运5官方开奖结果体彩网:rising wedge, a bearish pattern that indicates a 澳洲幸运5官方开奖结果体彩网:continuation of the stock’s move lower.

Indeed, that move looks to have started in Wednesday’s trading session, with the price breaking down below the pattern’s lower trendline on above-average daily volume. Moreover, the drop coincided with the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) plunging be🅰low the 50 threshold, signaling accelerating selling momentum.

Let’s identify two major support levels on Alphabet’s chart where the shares may attract support and also locate ke🐽y overhead areas worth watching during future recovery efforts.

Major Support Levels to Monitor

The first support level to watch sits around $141. This area could attract buying interest near a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects last month’s prominent low with several peaks that developed on the chart in the fourth qu✨arter of 🌞2023.

Selling below this major technical level could see the shares retreat to lower support at $131. Investors may seek 澳洲幸运5官方开奖结果体彩网:entry points in this region near the low of a pullback to the closely watched 200-day moving aver💞age in March last year.

Key Overhead Areas Worth Watching

During recovery efforts in the stock, it’s worth keeping track of the $165 area. The shares may encounter overhead 澳洲幸运5官方开奖结果体彩网:resistance🐠 at this level near the rising wedge pattern’s peak, which also closely aligns with last November’s trough.

Finally, a close above this area could propel a move to $182. Investors who have 澳洲幸运5官方开奖结果体彩网:accumulated Alphabet shares at lower levels may look for 澳洲幸运5官方开奖结果体彩网:profit-taking opportunities in this region near a trendline that links a range of corresponding trad🎉ing activity on the chart stretching back to late June last year.

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As of the date this article was written, the author does not own any of the above securities.