Alphabet shares close higher on Wednesday, company establishes AI research center in China

According to a statement by Alphabets Google on Wednesday, an artificial intelligence research center is being established in China, despite that the tech companys products still remain inaccessible in the country. The center is expected to be the first of its kind on the Asian continent and is to be operated by a small team located in Googles Beijing office.

Alphabet shares closed higher for the sixth time in the past seven trading sessions on Wednesday. The stock inched up 0.01% ($0.13) to $1,040.61, with the intraday high and the intraday low being at $1,046.66 and $1,038.38 respectively.

In the week ended on December 10th the shares of the tech giant added 2.66% to their market value compared to a week ago, which marked the best performance since the week ended on October 29th.

The stock has extended its advance to 1.88% so far during the current month, following a 0.47% increase in November. The latter has been a fifth consecutive month of gains.

For the entire past year, Alphabet shares rose 1.86%. The stock has gained another 34.83% so far in 2017.

Googles search engine, app store, email and cloud storage services still remain prohibited in China.

On the other hand, Chinese authorities have already expressed strong support for industries such as AI research and development on Chinese soil, despite new stringent rules imposed on foreign companies last year.

Meanwhile, Google has been actively trying to expose its AI solutions in the Asian country. In a statement during a conference hosted by the Cyberspace Administration of China earlier in December, Googles Chief Executive Sundar Pichai distanced from topics such as market access restrictions and focused on the potential of artificial intelligence.

According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,177.50, with a high estimate of $1,350.00 and a low estimate of $990.00. The median estimate is a 13.15% surge compared to the closing price of $1,040.61 on December 13th.

The same media also reported that 34 out of 43 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 6 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Alphabet stock are presented as follows:

R1 – $1,041.37
R2 – $1,042.13
R3 (Range Resistance – Sell) – $1,042.89
R4 (Long Breakout) – $1,045.16
R5 (Breakout Target 1) – $1,047.82
R6 (Breakout Target 2) – $1,048.91

S1 – $1,039.85
S2 – $1,039.09
S3 (Range Support – Buy) – $1,038.33
S4 (Short Breakout) – $1,036.06
S5 (Breakout Target 1) – $1,033.40
S6 (Breakout Target 2) – $1,032.31

By using the traditional method of calculation, the weekly levels of importance for Alphabet Inc (GOOG) are presented as follows:

Central Pivot Point – $1,022.46
R1 – $1,056.64
R2 – $1,076.23
R3 – $1,110.41
R4 – $1,144.59

S1 – $1,002.87
S2 – $968.69
S3 – $949.10
S4 – $929.51