Alphabet Inc. (NASDAQ:GOOG) Looks to Blockchain Investments

Alphabet Inc. (NASDAQ:GOOG) Looks to Blockchain Investments

Alphabet Inc. (NASDAQ:GOOG) Looks to Blockchain Investments

One of the technological breakthroughs Google has been gambling on is blockchain technology.

Last year, the company announced that it was developing its own blockchain-based distributed ledger as part of its Cloud services.

According to a report by CBInsights, Alphabet is one of the top investors in blockchain start-ups. Decentralized cloud storage, cryptocurrency-related derivatives, digital payment rails, and blockchain-based identity verification are all areas which have received Google’s sought-after investments.

The fact that Alphabet is one of the leading investors in blockchain technology should come as no surprise. The company is known for developing technologies like artificial intelligence, self-driving cars, and futuristic concepts — like Google Glass. It is a company that always tries to get the leg-up on tech-related competitors, and Google clearly sees the blockchain as a gamble worth taking.

In the long term, Google may be proven right. Although Google’s ad revenue declined for Q1 2019, its investments in blockchain and other emerging technologies will likely give it a boost in the long-term. Market Reports Center conservatively estimates that the blockchain sector will be worth $60.7B by 2024 — so Google’s so-called ‘blockchain gamble’ may be more of a ‘safe bet.’

Google’s involvement with emerging technologies, like blockchain, will likely be a deciding factor in the company’s future. Maybe we should consider Google’s revenue decline as nothing more than a short-term headache for stockholders.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 1,218.93.

The projected lower bound is: 1,108.24.

The projected closing price is: 1,163.59.

Candlesticks

A black body occurred (because prices closed lower 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 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 5.9326. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 2 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 37.28. 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 2 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 -155.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 2 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 2 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -5.470 at 1,162.610. Volume was 27% above average (neutral) and Bollinger Bands were 37% wider than normal.

Open High Low Close Volume___
1,167.7601,174.1891,155.0021,162.610 1,944,817

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

Moving Averages: 10-period 50-period 200-period
Close: 1,234.81 1,190.25 1,139.67
Volatility: 50 29 34
Volume: 2,012,080 1,439,371 1,642,829

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 2.0% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 0 periods.

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