Alphabet Inc (GOOGL) Up 1.81%, Breaks Above 20 Day Average; Price Base in Formation Over Past 14 Days

Alphabet Inc 4 Hour Price Update

Updated June 17, 2020 04:38 PM GMT (12:38 PM EST)

GOOGL’s price is up $5.15 (0.36%) over the past four hours of trading. To help put that in perspective, note that Alphabet Inc’s peers in the in the Business Services industry are up 0.56% on average during this time, while the broader Technology sector is up by an average of 1.44%.

Alphabet Inc Daily Price Recap

Alphabet Inc is up 1.81% ($25.73) since the day prior, marking the 3rd day in a row an upward move has occurred. The price move occurred on volume that was up 0.22% from the day prior, but down 28.2% from the same day the week before. Below is a daily price chart of Alphabet Inc.

Alphabet Inc Technical Analysis

First things first: Alphabet Inc crossed above its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Alphabet Inc’s price has gone up 20 of the previous 30 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about GOOGL:

    The US Justice Dept to propose legislation to rollback legal protections under Section 230 that $FB $TWTR $GOOGL have had for > 2 decades.

    The provision, which doesn’t apply to violations of federal criminal law, has become a target of lawmakers on both sides of the aisle who object to its breadth & describe it as a giveaway to tech co.s.

    Justice Dept plans to make a legislative proposal that Congress would have to pass.

    Carl Szabo, general counsel of NetChoice said any such bill would make it harder for companies like $GOOG YouTube to moderate content & remove, for example, videos used to recruit terrorists.

    Separately, (R-MO) Sen Josh Hawley joined w/ 3 other Republicans to introduce a bill that would allow people to sue tech co.s if they feel that their speech has been censored – content moderation would constitute a violation of the promise — echoing GOP efforts to use the legal shield to address what they say is systematic silencing of conservatives by internet platforms.