It's not a good start to the week for Alphabet  (GOOGL) - Get Report , with shares closing lower by 6.1% to $1,038.74 as antitrust concerns swirl.

The decline on Monday is far from a surprise. On Friday evening, reports started circulating that the Department of Justice would open an antitrust investigation into Google.

Worries have spilled over to Amazon (AMZN) - Get Report and Facebook (FB) - Get Report as well -- down 4.64% and 7.5%, respectively -- as investors continue to worry about government intervention and tougher regulation on big tech.

Of course, it doesn't help that Alphabet stock has been under pressure since reporting disappointing quarterly results in late April. Shares are now down 20% from their highs about five weeks ago. The move has some investors thinking it's time to buy the dip. Others worry about Alphabet as shares flirt with entering a technical bear market. If it's the latter, even more losses could be on the way.

Let's look at the charts.

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Trading Alphabet Stock

Daily chart of Alphabet stock.

Above is an 18-month daily chart of Alphabet stock. Resistance in that $1,290 to $1,300 range is evident, with shares recently failing in this area after reporting earnings in April. Since then, it's been a tough ride for investors.

The 20-day and 50-day moving averages immediately began acting as resistance and even the 200-day couldn't buoy GOOGL stock. Like the 200-day, $1,120 offered temporary reprieve, but was no match for the selling pressure. And that was before the DoJ news.

So where are we now?

Alphabet stock is sort of in no man's land here. Some could argue that $1,040 attracted buyers during the fourth-quarter meltdown, but there were irrational spikes lower. Ultimately the $1,010 level is a more attractive level to nibble Alphabet stock for a longer term hold. If we get further selling pressure later this month -- both in Alphabet and the broader market -- we could see sub-$1,000 on GOOGL stock. We've seen the stock price break below $1,000 a few times over the past year-and-a-half and it could certainly do so again. 

Investors with a long-term time horizon can consider initiating a starter position near $1,000. The risk here is that the DoJ investigation -- which Alphabet has successfully endured in the past, mind you -- continues weighing on the stock. It's also possible that earnings disappoint


in July.

That said, this is a blue-chip technology company and nibbling near $1,000, 23% off the highs, isn't a bad place to start.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.