Alphabet Inc. (NASDAQ:GOOG) crushed second-quarter estimates, the bar is high going into the third-quarter update
Amid a sell-off of many growth stocks in recent weeks, shares of search giant Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) have been resilient. Indeed, the stock is up 5% over the past month and 17% year to date. The stock’s strong performance this year reflects impressive momentum in Alphabet’s underlying business. In the company’s second quarter, the online search giant’s revenue growth accelerated and its earnings per share crushed analyst estimates.
Investors will get to see how the company performed during its third quarter on Oct. 28, when Alphabet is scheduled to report its quarterly results. With such a strong quarter in the rearview mirror, the stakes are high going into the company’s third-quarter update next month.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1,182.65.
The projected upper bound is: 1,296.01.
The projected lower bound is: 1,157.32.
The projected closing price is: 1,226.67.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
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 72.1713. This is not an overbought or oversold reading. The last signal was a sell 7 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 53.73. 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 42 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 -13. This is not a topping or bottoming area. The last signal was a sell 8 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 down -16.300 at 1,225.090. Volume was 6% below average (neutral) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,232.73 1,195.78 1,145.09
Volatility: 19 37 33
Volume: 1,367,040 1,455,409 1,510,555
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 7.0% 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 14 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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