Alphabet Inc. (NASDAQ:GOOG) could reenter China with a censored search engine
The Overall Tech Sector Couldn’t Be Stronger
The weakness felt in stocks like Twitter, Facebook and a few others isn’t indicative of the overall tech sector.
When you look at other tech giants, stocks like Alphabet Inc. (Nasdaq: GOOG) and Apple Inc. (Nasdaq: AAPL), the market couldn’t be stronger.
Both companies reported earnings recently, covering the same quarter as Facebook and Twitter.
The results, however, were completely opposite.
Alphabet, the parent company of Google, topped analysts’ expectations, and the stock surged on its quarterly report.
Google could reenter China with a censored search engine.
The project, called “Dragonfly”, centers on the development of custom Android search apps — codenamed “Maotai” and “Longfei” — which have already been shown to Chinese regulators. The report claims that a final version could be released within “the next six to nine months, pending approval from Chinese officials.” Only a few hundred of Google’s 88,000 employees reportedly knew about Dragonfly’s existence.
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 1,164.34.
The projected upper bound is: 1,272.31.
The projected lower bound is: 1,183.06.
The projected closing price is: 1,227.68.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 47.1127. This is not an overbought or oversold reading. The last signal was a buy 2 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 60.18. 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 sell 6 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 -1. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 1.060 at 1,224.770. Volume was 33% below average (neutral) and Bollinger Bands were 2% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,235.03 1,160.26 1,088.83
Volatility: 28 24 29
Volume: 1,875,921 1,526,370 1,644,793
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.
ALPHABET INC C is currently 12.5% 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 19 periods.
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