Zillow Group Inc (NASDAQ:Z) (NASDAQ:ZG) shares are facing heavy selling pressure on Monday amid reports to that effect Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) test real estate listings in search results.
What you need to know: Several social media posts over the weekend highlighted new homes for sale showing up in Google search results. Global real estate technology strategist Mike DelPrete pointed out several findings in a blog post on Friday.
DelPrete shared several screenshots of Google showing home listings with a “request a tour” button above the Zillow listings after searching for “homes for sale” in certain areas.
According to the real estate blogger, the listings include full pages of property details, as well as options to contact agents and request tours of the homes.
“This appears to be a test, live in limited markets and on mobile only,” DelPrete wrote in the post.
As more people share similar findings on X and other social platforms, Zillow stock is selling off, down more than 12%, according to Benzinga Pro.
Zillow is currently showing a bearish technical situation and is trading significantly below the major moving averages. The stock is 9.7% below its 20-day SMA and 10.5% below its 50-day SMA. The MACD is above the signal line, indicating short-term bullish momentum. However, this should be interpreted with caution given the overall bearish trend indicated by the moving averages.
The RSI is at 53.77, which is considered neutral territory. This suggests that while the stock is not overbought or oversold, traders should pay attention to any shifts that could indicate a change in momentum.
The main support is at $64.50 and the resistance is at $74.50. If the stock tests the support level, a break below it could signal further declines, while a move above resistance could indicate a possible reversal.
Looking at the twelve-month performance, Zillow is down almost 20%, reflecting a longer-term bearish trend. This decline suggests that traders should remain cautious and consider overall market sentiment before taking any action.
Z price promotion: Zillow Stocks were down 12.39% to $65.45 at the time of publication on Monday Benzinga Pro.
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