Alphabet Inc. (NASDAQ:GOOG) Up Despite €4.3 Billion EU Fine


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Alphabet Inc. (NASDAQ:GOOG) Up Despite €4.3 Billion EU Fine

Alphabet Inc. (NASDAQ:GOOG) Up Despite €4.3 Billion EU Fine

Google parent Alphabet (GOOG – Get Report) , (GOOGL – Get Report) rose slightly in midday trading Wednesday following news of a record $5 billion European Union fine against the company for manipulating Android mobile devices to give the Google search engine an advantage over rivals.

Alphabet closed at 1195.88 on Wednesday, 0.2% below yesterday’s closing price.

The company said it will appeal the fine in European Union courts.

“Today’s decision rejects the business model that supports Android, which has created more choice for everyone, not less. We intend to appeal,” Google Chief Executive Sundar Pichai wrote in a blog.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 351.60.

The projected lower bound is: 296.94.

The projected closing price is: 324.27.

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 24 white candles and 26 black candles for a net of 2 black candles.

A hammer occurred (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold (which appears to be the case with TESLA INC) to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.

A hanging man occurred (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend (which appears to be the case with TESLA INC) it is called a bullish hammer.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 64.0390. This is not an overbought or oversold reading. The last signal was a buy 7 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 50.47. 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 20 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 -3. This is not a topping or bottoming area. The last signal was a buy 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 16 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 1.160 at 323.850. Volume was 36% below average (neutral) and Bollinger Bands were 5% narrower than normal.

Open High Low Close Volume___
325.000 325.500 316.250 323.850 5,624,211

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

Moving Averages: 10-period 50-period 200-period
Close: 317.02 315.16 320.03
Volatility: 36 54 52
Volume: 8,033,019 8,643,597 7,215,928

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

TESLA INC is currently 1.2% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of TSLA.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on TSLA.O and have had this outlook for the last 6 periods.

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