inthemoneystocks Posted April 9, 2020 Report Posted April 9, 2020 The stock market continues its impressive bounce. Swing traders are waiting patiently for key levels to trigger. To give an example, the S&P 500 just hit a 50% Fibonacci retrace. This tells technical traders and investors that the market is starting to hit some resistance. While it could go a little higher, many are smartly eyeing short trades. When it comes to Alphabet Inc (GOOGL), there is an epic technical level at $1,277 that warrants close attention for a potential short. This level is a pivot point as well as a the 50% Fibonacci retrace level. In terms of pulling the trigger on a swing trade short on Alphabet, this is going to be the spot. The stock is still trading $70 away from that level, but could get tagged in a matter of days. See the chart here: https://inthemoneystocks.com/alphabet-inc-googl-short-trigger-level/ Gareth Soloway InTheMoneyStocks Chief Market Strategist
Recommended Posts
Archived
This topic is now archived and is closed to further replies.