Alphabet Inc. (NASDAQ:GOOG) To Begin Beta Testing Of Project Stream

Alphabet Inc. (NASDAQ:GOOG) To Begin Beta Testing Of Project Stream

Alphabet Inc. (NASDAQ:GOOG) To Begin Beta Testing Of Project Stream

Google announced it will begin limited beta testing of its recently unveiled Project Stream game streaming service starting on Oct. 10. The beta test will start with “Assassin’s Creed Odyssey,” which is scheduled for release Oct. 5. Project Stream will theoretically allow PC gamers to play major AAA video games straight from their Chrome browser.

According to Bank of America analyst Justin Post, the beta test suggests Google is making major progress on getting the technology in place for a large-scale game streaming service. It’s still too early in development for Alphabet investors to estimate the financial impact of Project Stream, but content providers appear willing to help facilitate the process.

“Over time, we see streaming as the next big disruptive transition for video games, opening the door to new sector entrants and potentially driving higher value realization for content owners,” Post said in a note.

While Google has very little connection to the video game publishing industry at this point, it’s massive YouTube platform and nearly unlimited resources certainly give it potential to be a major player in the space. The company recently overhauled its YouTube Gaming platform, which is a direct competitor to Amazon’s Twitch streaming platform. Post says the launch of Project Stream could ultimately be a major subscription revenue growth driver for Google if all goes according to plan.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 1,241.16.

The projected lower bound is: 1,158.84.

The projected closing price is: 1,200.00.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with ALPHABET INC C), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

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 75.0010. This is not an overbought or oversold reading. The last signal was a sell 1 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 54.57. 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 46 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 124.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 15 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 8 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 4.800 at 1,200.110. Volume was 100% below average (consolidating) and Bollinger Bands were 51% narrower than normal.

Open High Low Close Volume___
1,190.9601,209.9601,186.6301,200.110 101

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

Moving Averages: 10-period 50-period 200-period
Close: 1,184.61 1,207.64 1,124.87
Volatility: 17 22 29
Volume: 1,453,245 1,450,606 1,631,099

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 6.7% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 0 periods.

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