Alphabet Inc. (NASDAQ:GOOG) plans to spend $1 billion to expand operations in New York City

Alphabet Inc. (NASDAQ:GOOG) plans to spend $1 billion to expand operations in New York City

Alphabet Inc. (NASDAQ:GOOG) plans to spend $1 billion to expand operations in New York City

Alphabet (GOOGL)-unit Google plans to spend $1 billion to expand operations in New York City, a move expected to at least double its workforce there to around 15,000 over the next 10 years. Google stock edged down in early trading on Monday.

The company announced the expansion in New York City in a blog on Monday. Google said the Hudson Square campus will be the main location for its New York-based global business organization.

“We’re growing faster outside the Bay Area than within it, and this year opened new offices and data centers in locations like Detroit, Boulder, (Colo.), Los Angeles, Tennessee and Alabama,” Ruth Porat, Alphabet’s chief financial officer, said in a blog. “And as we continue to grow across the country, we look forward to calling New York City home for many years to come.”

Overall, the bias in prices is: Downwards

The projected upper bound is: 1,087.44.

The projected lower bound is: 939.55.

The projected closing price is: 1,013.50.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 34.6774. This is not an overbought or oversold reading. The last signal was a buy 3 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 40.68. 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 44 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 -138.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 4 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -25.570 at 1,016.530. Volume was 39% above average (neutral) and Bollinger Bands were 3% narrower than normal.

Open High Low Close Volume___
1,037.5101,053.1501,007.9001,016.530 2,385,364

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

Moving Averages: 10-period 50-period 200-period
Close: 1,053.81 1,070.05 1,118.38
Volatility: 41 44 33
Volume: 1,933,437 1,961,098 1,702,859

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 9.1% below its 200-period moving average and is in an upward 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 bullish on GOOG.O and have had this outlook for the last 12 periods.

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