Alphabet Inc. (NASDAQ:GOOG) courting allies in China

Alphabet Inc. (NASDAQ:GOOG) courting allies in China

Alphabet Inc. (NASDAQ:GOOG) courting allies in China

  • Google (GOOGGOOGL) is courting allies in China by providing tools and support to a growing number of app developers, manufacturers and advertisers who rely on the company to reach global consumers, even as its core services such as search, Gmail and You Tube remain blocked for most Chinese citizens.
  • Those allies could prove critical as Google launches a broader China expansion strategy, including testing a mobile version of its search engine that would adhere to China’s strict sensors, according to the report.
  • By working with local players, Google seeks to build the case that it is helping China’s economy – and provide customers-in-waiting for additional services it sells, such as cloud hosting and business apps.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 1,284.92.

The projected lower bound is: 1,196.41.

The projected closing price is: 1,240.66.

Candlesticks

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 falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend.

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 72.2233. This is not an overbought or oversold reading. The last signal was a sell 0 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 60.95. 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 10 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 6. This is not a topping or bottoming area. The last signal was a sell 9 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 7 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -11.490 at 1,237.610. Volume was 29% below average (neutral) and Bollinger Bands were 15% narrower than normal.

Open High Low Close Volume___
1,243.0001,245.6951,232.0001,237.610 1,108,919

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

Moving Averages: 10-period 50-period 200-period
Close: 1,230.62 1,173.97 1,094.14
Volatility: 14 24 29
Volume: 1,358,722 1,482,993 1,642,969

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 down today (bearish) 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 13.1% above its 200-period moving average and is in an upward trend. Volatility is low 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 23 periods.

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