Alphabet Inc. (NASDAQ:GOOG) rough year, which was rife with high-profile controversies

Alphabet Inc. (NASDAQ:GOOG) rough year, which was rife with high-profile controversies

Alphabet Inc. (NASDAQ:GOOG) rough year, which was rife with high-profile controversies

During his three and a half hours in the Congressional hot seat earlier last week , Google CEO Sundar Pichai managed to play it cool.

He was well-rehearsed and responded to questions evenly, with patience and without the provocativeness or peculiarities which were characteristic of previous Google CEOs Eric Schmidt or Larry Page. Still, the hearing disappointed many viewers , who felt like it was a missed opportunity to press Pichai to explain more directly how the company plans to protect users’ privacy or reckon with its societal impact.

As Pichai dodged pointed questions or provided evasive answers , the spectacle felt emblematic of his and the company’s tough year. Google faced numerous high-profile public controversies and failures in 2018, and its responses have often felt similarly lackluster or unclear.

Yet as Pichai skated by in Congress, Google, too, has dodged arrows overall thanks to the more intense scrutiny that Facebook received for its own truly disastrous year .

A long, messy laundry list of issues

Google’s year featured a long, messy list of both internal and external calamities. Frequently, the company’s responses were inconclusive or unsubstantial.

Regulators on the warpath. Google’s run afoul of regulation too. In July the European Union fined Google $5 billion for abusing the dominance of its Android mobile operating system. Moreover, critics claim Google isn’t doing enough to comply with a 2017 antitrust ruling involving its shopping product. Stateside, now former U.S. Attorney General Jeff Sessions was reportedly open to investigating whether tech companies, including Google, are stifling competition , while Republican lawmakers and even President Donald Trump himself , have accused Google of suppressing conservative voices. Google has denied accusations of bias and there is no proof that results on its search engine or YouTube are purposely skewed toward any particular ideology, but the scene in Congress on Tuesday made it clear that lawmakers are far from convinced.

Dragonfly. In late summer, The Intercept first reported details of Google’s secretive plans, dubbed Project Dragonfly, to launch a censored search engine in China which would block search results for queries that the government deemed sensitive, like “human rights” and “student protest” and link users’ searches to their personal phone number. The efforts raised alarm bells with lawmakers, human rights activists , and employees, and there is still no clear answer about whether Google will ultimately undertake a project in this vein.

Employee walkouts. On Nov. 1, more than 20,000 employees walked out of their offices around the world in the wake of an explosive New York Times’ report that detailed how Google shielded executives accused of sexual misconduct, either by keeping them on staff or allowing them amicable departures. While Pichai made some changes based on that message, organizers of that protest say that large issues were ignored and continued to push for demands like equity for Google’s contract workers and an end to all cases of forced arbitration .

Overall, the bias in prices is: Downwards

The projected upper bound is: 1,113.43.

The projected lower bound is: 964.34.

The projected closing price is: 1,038.88.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 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 55.8659. This is not an overbought or oversold reading. The last signal was a buy 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 45.38. 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 43 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 -62. This is not a topping or bottoming area. The last signal was a sell 7 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 3 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -19.800 at 1,042.100. Volume was 1% below average (neutral) and Bollinger Bands were 9% narrower than normal.

Open High Low Close Volume___
1,049.9801,062.6001,040.7901,042.100 1,686,619

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

Moving Averages: 10-period 50-period 200-period
Close: 1,061.60 1,073.08 1,118.69
Volatility: 40 44 33
Volume: 1,952,961 1,957,580 1,702,290

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 6.8% 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 11 periods.

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