Alphabet Inc. (NASDAQ:GOOG) concerns over earnings and sexual harassment allegations
Shares of Alphabet Inc. (NASDAQ:GOOGL), a technology company and parent company of Google, are down more than 3% since the start of November and over 1.47% to start the week. The technology giant is facing a negative response to mixed earnings and a dip in the tech sector.
Alphabet’s third quarter resulted in $9.19 billion in revenue and earnings of $13.06 per share.
Earnings performance shows a 36.5% rate of growth, but revenue expectations of $33.7 billion were not reached.
Allegations against DeVaul suggest that the company asked the woman to keep quiet while DeVaul stayed with the company.
Security vulnerabilities, namely with Google+, also show that the company has failed to protect user data and report data breaches in a timely manner.
Google stock remains down this year, falling more than 0.16% to $1,055 Monday with a 52-week high of $1,291.44 a share.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 1,140.25.
The projected upper bound is: 1,114.59.
The projected lower bound is: 989.59.
The projected closing price is: 1,052.09.
Candlesticks
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend (which appears to be the case with ALPHABET INC C). It then signifies that the momentum may be shifting from the bears to the bulls.
If the engulfing bullish pattern occurs during an uptrend, it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.
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 51.6420. This is not an overbought or oversold reading. The last signal was a buy 16 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 42.37. 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 17 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 -62. This is not a topping or bottoming area. The last signal was a buy 0 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 0 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 15.720 at 1,055.810. Volume was 24% below average (neutral) and Bollinger Bands were 2% narrower than normal.
Open High Low Close Volume___
1,039.4801,064.3451,038.0701,055.810 1,233,306
Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,057.45 1,141.07 1,125.13
Volatility: 58 36 33
Volume: 2,533,476 1,802,326 1,740,295
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 6.2% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of GOOG.O (mildly bearish). Our trend forecasting oscillators are currently bearish on GOOG.O and have had this outlook for the last 21 periods.
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