A Buy Pivot for Alphabet Google GOOGL

Nov 16, 2015: 1:33 PM CST

Newly crowned Alphabet (formerly “Google” GOOGL) is setting up a buy signal on the Daily Chart.

Let’s highlight this pivot and plan the next swing away from this key daily price level.

Cutting straight to the chase, price gapped higher in mid-October and retraced to our current key level.

Focus your attention – and potential trades – on the rising 20 day EMA ($735 per share) and the price trendline overlapping this level.

Buyers are currently bouncing price higher away from this pivot and we could see a short-term swing back to the $770 prior high.

The $735 area is a pivot and we’ll note the stop-losses (sell orders) that are clustered under $735 and especially $730.

In the event buyers fail here and price clips under $735, it would likely trigger a quick sell-signal liquidation down toward $700.

Unless that happens, continue to focus on $735 as seen on the hourly chart below:

While the 20 day EMA rests at the $735 per share level, we see the 38.2% Fibonacci Retracement at $731.

Assuming price remains above this Fibonacci and Moving Average level, upside targets extent toward $770.

Focus on $735 and the short-term opportunity as price moves away (either direction) from this pivot level.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

One Response to “A Buy Pivot for Alphabet Google GOOGL”

  1. Alphabet Google GOOGL Power Breaks to New Highs | Afraid to Trade.com Blog Says:

    […] I highlighted a Buy Signal for GOOGL which successfully achieved its breakout target today. […]