Long
Zynga Had a Cup and Handle Breakout. Here's the Pullback
NASDAQ:ZNGA 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.
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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