Alphabet shares fall the most in two weeks on Thursday, Google needs to reconsider ties to Huawei, US lawmakers say

Several Republican and Democratic lawmakers in the United States reportedly requested that Alphabets Google reconsider its collaboration with Chinas Huawei Technologies Co Ltd due to security threat concerns.

Alphabet shares closed lower for the third time in the past nine trading sessions on NASDAQ on Thursday. It has also been the steepest daily loss since June 7th. The stock went down 1.04% ($12.18) to $1,157.66, after touching an intraday low at $1,152.23, or a price level not seen since June 18th ($1,143.59).

Shares of Alphabet Inc have risen 10.63% so far in 2018 compared with a 2.85% gain for the underlying index, S&P 500 (SPX).

In 2017, Alphabet’s stock surged 35.58%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

Republican Senators Marco Rubio and Tom Cotton, Republican Representatives Michael Conaway and Liz Cheney as well as Democratic Representative Dutch Ruppersberger signed a letter sent to Googles CEO Sundar Pichai, in which they said the tech company recently decided not to renew “Project Maven”. The latter represents a research partnership between Google and the US Defense Department in the field of artificial intelligence.

“While we regret that Google did not want to continue a long and fruitful tradition of collaboration between the military and technology companies, we are even more disappointed that Google apparently is more willing to support the Chinese Communist Party than the U.S. military”, lawmakers said in the letter.

“Like many U.S. companies, we have agreements with dozens of OEMs (manufacturers) around the world, including Huawei. We do not provide special access to Google user data as part of these agreements, and our agreements include privacy and security protections for use data”, Andrea Faville, a spokesperson for Google, was quoted as saying by Reuters.

According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,250.00, with a high estimate of $1,360.00 and a low estimate of $970.00. The median estimate represents a 7.98% upside compared to the closing price of $1,157.66 on June 21st.

The same media also reported that 35 out of 43 surveyed investment analysts had rated Alphabet Inc’s stock as “Buy”, while 5 – 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 – $1,159.96
R2 – $1,162.26
R3 (Range Resistance – Sell) – $1,164.55
R4 (Long Breakout) – $1,171.45
R5 (Breakout Target 1) – $1,179.50
R6 (Breakout Target 2) – $1,182.85

S1 – $1,155.36
S2 – $1,153.06
S3 (Range Support – Buy) – $1,150.77
S4 (Short Breakout) – $1,143.87
S5 (Breakout Target 1) – $1,135.82
S6 (Breakout Target 2) – $1,132.47

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

Central Pivot Point – $1,142.11
R1 – $1,165.62
R2 – $1,178.98
R3 – $1,202.49
R4 – $1,226.00

S1 – $1,128.75
S2 – $1,105.24
S3 – $1,091.88
S4 – $1,078.52