Alphabet Inc. (NASDAQ:GOOG) easing up on Huawei

Alphabet Inc. (NASDAQ:GOOG) easing up on Huawei

Alphabet Inc. (NASDAQ:GOOG) easing up on Huawei

Alphabet’s (GOOGL) Google said today it plans to work with China’s Huaweiover the next 90 days, shortly after the U.S. temporarily eased some trade restrictions on the world’s second-largest smartphone maker.

The move marks a sudden and dramatic turnabout for the U.S. tech conglomerate. On Sunday, Google said it would cut ties with Huawei in order to comply with Washington’s decision to put China’s telecom giant on the so-called Entity List.

However, shortly thereafter, the U.S. Commerce Department announced it had granted a 90-day license for mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks.

The exemption allows Google to send software updates to Huawei phones which use its Android operating system through to August 19.

“Keeping phones up to date and secure is in everyone’s best interests and this temporary license allows us to continue to provide software updates and security patches to existing models for the next 90 days,” a Google spokesperson told CNBC in an email on Tuesday.

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 1,208.50.

The projected lower bound is: 1,089.72.

The projected closing price is: 1,149.11.

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 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).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 46.9888. This is not an overbought or oversold reading. The last signal was a buy 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 43.05. 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 15 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 -60. This is not a topping or bottoming area. The last signal was a buy 0 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 15 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 10.780 at 1,149.630. Volume was 21% below average (neutral) and Bollinger Bands were 76% wider than normal.

Open High Low Close Volume___
1,148.4901,152.7081,137.9401,149.630 1,160,158

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

Moving Averages: 10-period 50-period 200-period
Close: 1,153.94 1,197.26 1,135.74
Volatility: 34 31 34
Volume: 1,505,006 1,494,327 1,619,880

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 1.2% above its 200-period moving average and is in an downward trend. Volatility is high 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 bearish on GOOG.O and have had this outlook for the last 13 periods.

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