Alphabet Inc. (NASDAQ:GOOG) confirmed the firm won a deal for its game streaming platform

Alphabet Inc. (NASDAQ:GOOG) confirmed the firm won a deal for its game streaming platform

Alphabet Inc. (NASDAQ:GOOG) confirmed the firm won a deal for its game streaming platform

Advanced Micro Devices spiked 11.8 percent Tuesday after Google confirmed the firm won a deal for its game streaming platform. Google unveiled the platform in an event Tuesday, where it shared its plans for a new gaming service called Stadia.

The rally brought AMD’s market cap to roughly $26.1 billion, adding about $2.7 billion in value. AMD has jumped 127.5 percent over the past year, although it’s still off from its peak price of almost $33 last September. AMD closed the day trading at $26 per share.

AMD will power Stadia’s graphics rendering in the cloud, Google announced at the event, which AMD CEO Lisa Su attended. That marks a big win for AMD in the gaming space, where it competes with Nvidia on graphics chips. AMD’s stock spiked more than 5 percent earlier in the day after Morgan Stanley told clients that AMD had won the deal, according to Barron’s. The stock rallied even more after Google confirmed the deal on stage.

Stadia will allow players to jump into online games in minutes, rather than wait as much as several hours for a game to download on a computer or buy a physical copy.

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 1,126.88.

The projected upper bound is: 1,244.56.

The projected lower bound is: 1,158.26.

The projected closing price is: 1,201.41.

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 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 65.9701. This is not an overbought or oversold reading. The last signal was a sell 1 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 70.08. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 3 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 92. This is not a topping or bottoming area. The last signal was a sell 2 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 12 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 14.590 at 1,198.850. Volume was 9% below average (neutral) and Bollinger Bands were 35% wider than normal.

Open High Low Close Volume___
1,188.8101,200.0001,185.8701,198.850 1,520,688

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

Moving Averages: 10-period 50-period 200-period
Close: 1,175.89 1,115.30 1,128.50
Volatility: 22 25 32
Volume: 1,509,267 1,472,279 1,631,552

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% 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 11 periods. Our momentum oscillator is currently indicating that GOOG.O is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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