Alphabet Inc. (NASDAQ:GOOG) aims for the clouds

Alphabet Inc. (NASDAQ:GOOG) aims for the clouds

Alphabet Inc. (NASDAQ:GOOG) aims to leverage its parent’s cloud-computing platform

Chronicle — the security startup spawned by Google-owner Alphabet (GOOGL) — aims to leverage its parent’s cloud-computing platform. Customers can set up “private clouds” storing their security data. Like sibling Google, Chronicle will use artificial-intelligence tools to analyze huge amounts of data.

Shayne Heffernan said “the next battle in the tech markets will be for dominance in cloud markets, Alibaba is failing, Amazon is winning and there is no reason Google cannot become king”

During the RSA conference, Chronicle unveiled its first product. Called Backstory, it’s a cloud-computing-based service for large companies. Backstory enables companies to investigate security incidents, identify vulnerabilities and address potential threats such as malware-infected files. The Alphabet cybersecurity startup lets customers upload security logs and Internet Protocol addresses for analysis.

Incumbents in the industry are still assessing the Alphabet cybersecurity startup threat. They wonder how it could hurt them in terms of taking away enterprise customers. Wall Street analysts, meanwhile, lump Chronicle into a category called security information and event management (or SIEM) tools.

Some Wall Street analysts took Chronicle’s Backstory rollout in stride.

“Despite the industry’s continued search for a ‘Splunk killer’, those with the highest hopes are perhaps the earliest on,” BTIG Research analyst Joel Fishbein said in a report to clients. “There was considerable buzz for Chronicle’s Backstory at the conference, but the final consensus was that it was still very green.”

At the RSA conference, Chronicle disclosed its first official partners — U.K.-based Avast and Sunnyvale, Calif.’s Proofpoint (PFPT). It’s also working with Carbon Black (CBLK), which sells endpoint protection software.

Many fast-growing cybersecurity firms are in the endpoint market. They detect malware on laptops, mobile phones and other devices that access corporate networks. These firms focus on providing secure connections between internal business apps and remote users.

Alphabet spun off the cybersecurity startup in early 2018.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 1,121.05.

The projected upper bound is: 1,238.73.

The projected lower bound is: 1,138.37.

The projected closing price is: 1,188.55.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 87.1572. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 67.16. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 113.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 9 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -7.770 at 1,185.550. Volume was 30% below average (neutral) and Bollinger Bands were 21% wider than normal.

Open High Low Close Volume___
1,194.5101,197.8801,184.4801,185.550 1,172,815

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 1,164.21 1,106.61 1,126.73
Volatility: 23 29 33
Volume: 1,415,893 1,476,165 1,635,645

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

ALPHABET INC C is currently 5.2% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 8 periods.

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