Buying GOOGL for a trade on broader tape weakness!
GOOGL reported great earnings on July 25th and gapped up accordingly. The overnight gap from 1143 to 1228 is nearly filled now that the price lingers in the 1165 level amid broader market weakness due to trade tensions.
On a purely technical basis, as seen in the charts above, GOOGL will likely find gap support or trendline support for a bounce before it goes any lower.
Google is not a trade war stock and has likely been knocked down unfairly. The market has become very tradable once again with high volatility back in full force. Typically we want to be short stocks during these times, but with the S&P 500 160 points off the highs in a few days, it is time to start looking for good bounce plays. GOOGL, with its recent strong earnings report and lack of relation to Chinese trade turmoil, is one of the best potential picks there is.
Buy GOOGL 1140-1150
Target 1: 1175
Target 2: 1190
Stop: 1130
On a purely technical basis, as seen in the charts above, GOOGL will likely find gap support or trendline support for a bounce before it goes any lower.
Google is not a trade war stock and has likely been knocked down unfairly. The market has become very tradable once again with high volatility back in full force. Typically we want to be short stocks during these times, but with the S&P 500 160 points off the highs in a few days, it is time to start looking for good bounce plays. GOOGL, with its recent strong earnings report and lack of relation to Chinese trade turmoil, is one of the best potential picks there is.
Buy GOOGL 1140-1150
Target 1: 1175
Target 2: 1190
Stop: 1130
Trade active:
Trade is active. Also, let's change the stop to $1117.
Trade closed: target reached:
A strong open jammed GOOGL to within 3 points of target 1 on the open. Taking most of the position off here.
Comment:
Target 2 reached!