Chart of the Day: Alphabet Pulls Back After Earnings Rally

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Alphabet jumped to a new 52-week high on strong results last week. Now it may be giving trend followers a potential opportunity.

The first pattern on today’s chart is the bullish gap on July 26 after revenue beat estimates and its Cloud business surprised to the upside. GOOGL has retraced half that move, which could …

For more, please click here to view the related idea and chart analysis on TradingView.

Alphabet (GOOGL), daily chart, with selected patterns and indicators, courtesy of TradingView.
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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.