Twitter, Inc. (NYSE:TWTR), Facebook fined for not moving user data to Russia
A court in Moscow fined Twitter and Facebook 4 million rubles each Thursday for refusing to store the personal data of Russian citizens on servers in Russia, the largest penalties imposed on Western technology companies under internet use laws.
The fines of nearly $63,000 are the first five-figure fines levied on tech companies since Russia adopted a flurry of legislation starting in 2012 designed to tighten the government’s grip on online activity.
One provision required tech companies to keep servers in Russia for storing personal information they gather from Russian citizens. Russia’s internet regulator, Roskomnadzor, has tried unsuccessfully for several years to force large companies like Facebook, Twitter and Google to move Russian user data to Russia.
Commenting on Thursday’s court rulings, Roskomnadzor said Twitter and Facebook would be fined 18 million rubles ($283,000) each if they don’t comply this year.
Last year, Twitter and Facebook were fined the equivalent of $47 each for violating the same personal data regulation. The punishment had no effect on the two companies, so in December Russian authorities increased the fines.
The law allows online services that don’t follow the data storage requirement to be banned from Russia. Only the LinkedIn social network has been blocked so far. It is widely understood that blocking Facebook or Google would elicit too much public outrage for authorities to take the step.
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 33.52.
The projected upper bound is: 39.91.
The projected lower bound is: 34.68.
The projected closing price is: 37.29.
A white body occurred (because prices closed higher 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 28 white candles and 22 black candles for a net of 6 white 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 40.6024. This is not an overbought or oversold reading. The last signal was a sell 4 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 63.75. 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 4 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 80. This is not a topping or bottoming area. The last signal was a sell 2 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 buy 5 period(s) ago.
Rex Takasugi – TD Profile
TWITTER INC closed up 0.370 at 37.160. Volume was 33% above average (neutral) and Bollinger Bands were 9% wider than normal.
Open High Low Close Volume___
36.390 37.320 36.210 37.160 4,602,844
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 35.39 32.79 36.48
Volatility: 93 48 52
Volume: 5,631,952 3,570,811 3,031,295
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.
TWITTER INC is currently 1.9% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of TWTR.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on TWTR.N and have had this outlook for the last 50 periods.
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