Alphabet shares close lower on Wednesday, Google may enter gaming business with “Yeti” streaming service

According to the Information website, a subscription-based game streaming service is currently being under development by Google. It would be designed to operate either on Googles Chromecast or on its currently developed game console.

Alphabet shares closed lower for the fourth time in the past six trading sessions on Wednesday. The stock went down 2.96% ($32.02) to $1,048.58, with the intraday high and the intraday low being at $1,081.78 and $1,048.26 respectively.

In the week ended on February 4th the shares of the tech giant lost 5.44% of their market value compared to a week ago, which marked the first drop in the past five weeks. It has also been the worst performance since the week ended on July 2nd.

The stock has extended its loss to 10.37% so far during the current month, following an 11.81% increase in January. The latter has been a seventh consecutive month of gains.

For the entire past year, Alphabet shares rose 35.58% following another 1.86% surge in 2016.

With a codename of “Yeti”, the service would allow Google to take a leading position in a new part of the video game business, where users are already able to play games while they are being streamed, the report pointed out.

By citing sources familiar with the matter, the Information said that Google planned to use its cloud servers in order to broadcast the games to people over the web.

Googles Yeti has already been brought to the attention of game developers, the Information also said in the report.

According to CNN Money, the 39 analysts, offering 12-month forecasts regarding Alphabet Inc’s stock price, have a median target of $1,215.00, with a high estimate of $1,350.00 and a low estimate of $1,080.00. The median estimate is a 15.87% surge compared to the closing price of $1,048.58 on February 7th.

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 – $1,051.65
R2 – $1,054.73
R3 (Range Resistance – Sell) – $1,057.80
R4 (Long Breakout) – $1,067.02
R5 (Breakout Target 1) – $1,077.78
R6 (Breakout Target 2) – $1,082.11

S1 – $1,045.51
S2 – $1,042.43
S3 (Range Support – Buy) – $1,039.36
S4 (Short Breakout) – $1,030.14
S5 (Breakout Target 1) – $1,019.38
S6 (Breakout Target 2) – $1,015.05

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

Central Pivot Point – $1,135.36
R1 – $1,163.43
R2 – $1,214.97
R3 – $1,243.04
R4 – $1,271.12

S1 – $1,083.82
S2 – $1,055.75
S3 – $1,004.21
S4 – $952.68