Alphabet Inc. (NASDAQ:GOOG) CEO refutes bias claims during congressional hearing

Alphabet Inc. (NASDAQ:GOOG) CEO refutes bias claims during congressional hearing

Alphabet Inc. (NASDAQ:GOOG) CEO refutes bias claims during congressional hearing

Google’s (GOOG, GOOGL) top executive Sundar Pichai testified before the U.S. House of Representative’s Judiciary Committee in a more than three-hour-long hearing Tuesday, wherein lawmakers questioned Pichai about the internet giant’s search algorithms, business plans in China and data collection practices.

Throughout the hearing, Pichai emphasized that the company is transparent about how it evaluates search. He refuted claims that an individual employee or group of employees could manipulate search results, even as some lawmakers have railed against the company for carrying an alleged conservative bias. “We build our products in a neutral way,” Pichai said.

Pichai also stressed that Google has “no plans to launch a search product in China.” Earlier this year, Google executives came under fire following reports that the company was working on creating a censored search engine for Chinese internet users. Pichai admitted during the congressional hearing that about 100 employees had at one point been working on the China project, and that the project had been carried out “for a while.”

On user data, Pichai said that users must opt in for certain data-tracking features, but sidestepped a question about whether he believed Android device users fully recognized the terms of use of the data collection. Earlier this year, Google was lambasted in the wake of an Associated Press investigation revealing that pausing “Location History” on a Google account did not, in fact, end storage of time-stamped location information.

Pichai’s testimony comes following a slew of public hitches for the internet giant. Most recently, the company said on Monday that it would be shuttering Google+ after discovering a second data leak allowing developers to access private information on about 52.5 million users.

Overall, the bias in prices is: Downwards

The projected upper bound is: 1,122.99.

The projected lower bound is: 974.84.

The projected closing price is: 1,048.92.

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 23 white candles and 27 black candles for a net of 4 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 18.9492. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 47.37. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 40 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 -19. This is not a topping or bottoming area. The last signal was a sell 4 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 sell 0 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 12.200 at 1,051.750. Volume was 18% below average (neutral) and Bollinger Bands were 8% narrower than normal.

Open High Low Close Volume___
1,056.4901,060.6001,039.8401,051.750 1,394,731

Technical Outlook
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1,066.72 1,081.70 1,119.32
Volatility: 46 44 33
Volume: 2,073,687 1,952,811 1,710,452

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 6.0% below its 200-period moving average and is in an upward trend. Volatility is high 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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