Chart of the Day: This Recent Buy Sure Was Timely
The stock took a small dip in the uptrend channel and provided a nice entry point.
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It is not easy trying to time the market, but sometimes we just get lucky and nail it.
Recently we added more shares of Alphabet GOOGL to our Pro Portfolio holdings at a very fortunate spot, the lower end of the channel (see chart below). Notice the uptrending channel we created here from the late April period. Higher highs and higher lows is our textbook definition of an uptrend. Further, the stock is not yet overbought and not really close to the top of the channel, which comes in about $187.
Trying to decide if that dip in June was "the spot" is difficult at best, but the opportunity to buy the dip was there and we stepped in, and those shares we picked up are up a nice 7% or so in a couple of weeks. Not bad!
The indicators are very bullish here; the channel has blue and teal-colored candles, which reflect bullish conditions on the GoNoGo composite of indicators. Moving average convergence divergence (MACD) has now crossed over for a buy signal, and check out that money flow on the bottom, a robust move up as big institutions pile into this name.
Alphabet will report earnings late in July and perhaps we'll see a bit more upside before then.
We like Alphabet in TheStreet Pro Portfolio and rate it a One, or "buy at anytime."
More Pro Portfolio:
- We're Initiating a New Portfolio Position as Retailer Closings Surge
- June Monthly Roundup: Extending Our Lead Over the S&P 500 as First-Half Ends
- TheStreet Stocks & Markets Podcast: Can Markets Head Higher? With Helene Meisler
At the time of publication, TheStreet Pro Portfolio was long GOOGL.
