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Zynga Had a Cup and Handle Breakout. Here's the Pullback

NASDAQ:ZNGA   ZYNGA INC
Zynga is a classic growth stock with a textbook cup and handle pattern.

The social and mobile videogame stock doubled between late 2018 and the summer of 2019. It then paused and consolidated. Its August low of $5.51 was the cup. The following low of $5.63 in October represented the handle.

ZNGA soon entered a tight channel and moved sideways, followed by a high-volume breakout on January 7. The stock quickly ran up to an eight-year high near $7 before halting. It's now retraced most of the breakout, having dropped for five straight sessions.

ZNGA is now back to the top of the basing structure and its rising 50-day moving average. That could give traders who missed the initial breakout other chance. Earnings are due February 5.

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