Alphabet Inc. (NASDAQ:GOOG) dips after new antitrust inquiry reported

Alphabet Inc. (NASDAQ:GOOG) dips after new antitrust inquiry reported

Alphabet Inc. (NASDAQ:GOOG) dips after new antitrust inquiry reported

Shares in the largest tech companies in the U.S. took a hit in after-hours trading Tuesday afternoon, following a report that a new antitrust investigation has begun by the Department of Justice.

Independent investigations into Apple Inc. AAPL, +0.78% Alphabet Inc. GOOGL, +0.78% GOOG, +0.72% Facebook Inc. FB, +0.02% and Amazon.com Inc. AMZN, +0.45% were already reportedly split up between the Federal Trade Commission and the Justice Department, but a Wall Street Journal report Tuesday afternoon said that a broader investigation was now under way.

The Journal reported that the Justice Department inquiry “is designed to go above and beyond recent plans for scrutinizing the tech sector that were crafted by the department and the Federal Trade Commission.”

Apple shares declined about 0.8% in late trading immediately after the report was released, while the other three companies’ stocks all declined more than 1%.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 1,195.65.

The projected lower bound is: 1,096.05.

The projected closing price is: 1,145.85.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white 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 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 37.2407. This is not an overbought or oversold reading. The last signal was a sell 4 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 58.24. 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 31 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 34. This is not a topping or bottoming area. The last signal was a sell 4 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 28 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 8.140 at 1,146.210. Volume was 25% below average (neutral) and Bollinger Bands were 14% narrower than normal.

Open High Low Close Volume___
1,144.0001,146.9001,131.8001,146.210 1,093,688

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

Moving Averages: 10-period     50-period     200-period
Close: 1,144.06 1,114.22 1,115.65
Volatility: 14 29 35
Volume: 1,191,570 1,457,462 1,633,611

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 2.7% 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 22 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.