Alphabet Inc. (NASDAQ:GOOG) Goldman raises stock price forecast

Alphabet Inc. (NASDAQ:GOOG) Goldman raises stock price forecast

Alphabet Inc. (NASDAQ:GOOG) Goldman raises stock price forecast

When Alphabet Inc. reports earnings Monday, the European Union’s $5.07 billion Android antitrust fine will ruin the company’s profit.

Alphabet GOOGL, -1.14% GOOG, -0.75% stock was relatively flat Wednesday, when the fine formally was announced, and Google has said it plans to appeal the fine. However, the company disclosed in an SEC filing that it will account for the fine in its second-quarter report, due Monday after the bell.

Alphabet’s internet search and advertising businesses are thriving, according to Goldman Sachs.

The firm raised its price target to $1,350 from $1,250 for Alphabet shares, representing 11 percent upside to Wednesday’s close. Goldman also reiterated its buy and conviction list rating for the company.

“Our advertiser checks point to a solid 2Q, with particular strength noted in overall pricing, mobile search and product ads,” analyst Heather Bellini said in a note to clients Thursday. “Following our conversations with ad partners, we believe there is upside risk to consensus revenue estimates.”

Overall, the bias in prices is: Upwards.

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

By the way, prices are vulnerable to a correction towards 1,132.53.

The projected upper bound is: 1,230.66.

The projected lower bound is: 1,148.58.

The projected closing price is: 1,189.62.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

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 78.9626. 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 63.03. 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 21 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 84. This is not a topping or bottoming area. The last signal was a sell 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 buy 7 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -8.920 at 1,186.960. Volume was 24% below average (neutral) and Bollinger Bands were 6% wider than normal.

Open High Low Close Volume___
1,191.0001,200.0001,183.3201,186.960 1,276,667

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

Moving Averages: 10-period 50-period 200-period
Close: 1,173.88 1,125.31 1,073.88
Volatility: 19 23 29
Volume: 1,163,370 1,381,623 1,599,021

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 10.5% 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 7 periods.

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