Alphabet Inc. (NASDAQ:GOOG) posting losses year to date as tech stock continue their slide
Facebook and Google parent company Alphabet stocks are now down for the year. While Facebook turned negative a few months ago, Alphabet became the second major tech company to go negative.
Tech stocks overall were hit hard Tuesday as the Nasdaq Composite Index slid another 1.7 percent. Facebook and Alphabet are just two of the companies that make up the group of large tech stocks commonly known as FAANG. The others are Amazon, Apple and Netflix. On Tuesday, the FAANG stocks lost more than $1 trillion from their recent highs, but recovered slightly to $991 billion by market close.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 1,089.52.
The projected lower bound is: 955.94.
The projected closing price is: 1,022.73.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
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 37.1336. 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 40.43. 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 27 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 -158.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 10 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 0 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 5.760 at 1,025.760. Volume was 45% above average (neutral) and Bollinger Bands were 21% narrower than normal.
Open High Low Close Volume___
1,000.0001,031.740 996.0201,025.760 2,449,130
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,053.22 1,111.72 1,120.61
Volatility: 39 39 33
Volume: 1,724,320 1,841,815 1,706,980
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 8.5% below 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 moderate flows of volume out of GOOG.O (mildly bearish). Our trend forecasting oscillators are currently bearish on GOOG.O and have had this outlook for the last 31 periods.
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