Alphabet Inc. (NASDAQ:GOOG) gains after Stifel turns bullish
Shares of Alphabet Inc. GOOG, +0.57%GOOGL, +0.61% are up 0.6% in premarket trading Thursday after Stifel’s Scott Devitt upgraded the stock to buy from hold. Devitt cited the company’s “durable earnings growth” and ad-dollar share gains as reasons for his optimism.
“More recently, some Google search ecosystem participants have reported [search-engine optimization] headwinds, which may signal incremental monetization of search traffic on Google,” he wrote.
As for Alphabet’s recently announced CEO shift, which has Google Chief Executive Sundar Pichai stepping into the top role at Alphabet as well, Devitt said it’s too soon to know what changes Pichai will bring to Alphabet’s other-bets business area consisting of self-driving cars and other futuristic initiatives, but he assumes Pichai “will keep the long-term portfolio objectives focused with investors in mind.”
Alphabet shares have increased 26% so far this year, as the S&P 500 SPX, +0.15% has risen 24%.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 1,368.07.
The projected lower bound is: 1,291.45.
The projected closing price is: 1,329.76.
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 doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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).
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 78.3414. This is not an overbought or oversold reading. The last signal was a buy 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 62.73. 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 12 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 100. This is not a topping or bottoming area. The last signal was a buy 1 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 10 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 7.590 at 1,328.130. Volume was 7% below average (neutral) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,306.88 1,267.15 1,192.17
Volatility: 16 19 29
Volume: 1,160,302 1,283,487 1,411,589
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 11.4% above its 200-period moving average and is in an downward 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 bearish on GOOG.O and have had this outlook for the last 2 periods.
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