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Google Stock Price Drops after Google+ Closes Down

Amandeep Sonewane | Oct. 9, 2018
Google Stock Price Drops after Google+ Closes Down

Google stock price is struggling due to the software glitch and Google+ product shut down idea by Alphabet Inc. Here is the Goggle stock price technical analysis for short-term timeframe. 

09 October 2018- Google Inc. is closing its Google Plus social network following the detection of a software glitch that may have exposed user information of up to 500,000 customers between 2015 and 2018. Now, Google Plus won't be a social network for the general public anymore - the service will be provided to corporate users only. 

Ben Smith, Google’s VP of Engineering, confirmed that the company had detected a “bug” in March that impacted the profiles of as many as 500,000 Google Plus users. 

Moreover, Google said that they immediately fixed the security flaw and had not uncovered evidence that the information was mishandled by any of hundreds of third-party developers that may have had access to the user data.

Now, Google will give 10 months to the customers to move off the Google Plus account. The company placed the deadline near the end of August 2019. Meanwhile, Google is planning to launch new features for the enterprise version of the same service this week.

The high-end variant of business-grade Google Plus services will run you $25 per seat, per month. It includes unlimited cloud storage, additional security tools, and multiple levels of data backups. The customer experience might be similar to Google Plus service, but with security improvements.

Google said: "None of these thresholds were met in this instance," it said. "We found no evidence that any developer was aware of this bug, or abusing the API, and we found no evidence that any Profile data was misused." 

Alphabet Inc Class A (NASDAQ: GOOGL) Stock Technical Analysis

After the above mentioned news, Google stock price followed the bearish trend and moved towards $1,155.92 mark. Yesterday, the market opened at $1,160 mark and closed near $1,167. As the charts suggest, the stock in downtrend since 02nd October 2018 and constantly hitting the lows.

On the daily charts, the Relative strength index placed at period 14 is valued below the 50% which indicated the selling signal. Also, as per the ATR(14) indicator the stock became highly volatile to trade for the opening session today. A bearish sentiment might be seen during the early hours of trading. Also, the stock is standing at the crucial daily support near $1,154 level. Thus, a break below this mark might tend the stock to move towards the second support i.e. $1,140 mark. Hence, a downward rally is likely to be seen during today's trading session.

On the other hand, the weekly and monthly charts are still supporting the Google stock. However, STOCHRSI(14) and William%R are still in the overbought zone. And, according to ATR(14) the stock is less volatile to trade if considering the short-term trading plans.

Moreover, the 100 SMA line is above the long-term 200 SMA line which suggests that the path of least resistance is to the upside. Thus, a bullish rally towards $1,250- $1,300 might be seen in upcoming days.

Alphabet Inc Class A (NASDAQ: GOOGL) Daily Pivot Points

The stock has a daily strong support at $1,154 levels and resistance near $1,181 levels.

Think we missed something? Let us know in the comments section below. 

Tags Nasdaq Google
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