Alphabet Inc. (NASDAQ:GOOG) CEO Sundar Pichai is scheduled to testify before Congress on Wednesday

Alphabet Inc. (NASDAQ:GOOG) CEO Sundar Pichai is scheduled to testify before Congress on Wednesday

Alphabet Inc. (NASDAQ:GOOG) CEO Sundar Pichai is scheduled to testify before Congress on Wednesday

Google (NASDAQ:GOOG) CEO Sundar Pichai is scheduled to testify before Congress on Wednesday, December 5, to defend the search giant’s data collection and filtering practices. Pichai will appear before a committee of the US House of Representatives, where he will likely face questions from Republicans on whether the company harbors bias toward conservative users.

“The hearing will examine potential bias and the need for greater transparency regarding the filtering practices of tech giant Google,” the House Judiciary Committee said in a press release.

Shares of Alphabet Inc., Google’s parent, have lost 14% since they reached a record high of $1274 in July. One of the biggest threats that all the social media giants, including Google, are facing is the prospect of government regulation to curb political manipulation and protect customer data. Shares of Google will likely move in the aftermath of Pichai’s testimony.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 1,174.45.

The projected lower bound is: 1,036.03.

The projected closing price is: 1,105.24.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 4 rising windows in the last 50 candles–this makes the current rising window even more bullish.

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 88.6217. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 11 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 58.19. 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 35 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 184.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 7 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 5 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 12.000 at 1,106.430. Volume was 19% above average (neutral) and Bollinger Bands were 5% narrower than normal.

Open High Low Close Volume___
1,123.1401,124.6501,103.6651,106.430 1,990,758

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

Moving Averages: 10-period 50-period 200-period
Close: 1,057.57 1,095.28 1,121.03
Volatility: 38 41 32
Volume: 1,879,511 1,871,498 1,693,728

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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
ALPHABET INC C is currently 1.3% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 3 periods.

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