Alphabet Inc. (NASDAQ:GOOG) Crawls back to China
Chinese state media published, and later deleted, a comment piece saying that Google was welcome to return to China as long as it complied with Chinese rules.
The post, published on People’s Daily newspaper on Monday, responded to a recent report by The Intercept that Google, which pulled out of mainland China in 2010, was planning to relaunch a search service in mainland China, complete with government censorship.
Reports of such a move from Google raised concerns from privacy advocates because it would block material online that the Chinese government does not like. But the country’s state-backed media has taken a different view.
Regardless of its withdrawal, or whether it can regain access to the mainland, Google has been a politicized brand. This is undoubtedly a tragedy for this well-known multinational company.
Shayne Heffernan of HEFFX said “Google made a fundamental error playing politics with China in the past, let’s see if they can keep their politics to themselves this time”
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,165.85.
The projected upper bound is: 1,290.50.
The projected lower bound is: 1,200.60.
The projected closing price is: 1,245.55.
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 25 white candles and 25 black candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 5 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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 72.5666. 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 64.59. 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 7 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 6 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 4 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 17.450 at 1,242.220. Volume was 7% below average (neutral) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,234.44 1,163.59 1,090.12
Volatility: 21 25 29
Volume: 1,693,498 1,538,262 1,645,695
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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
ALPHABET INC C is currently 14.0% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 20 periods.
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