Alphabet is heading for an upside breakout—here's how to trade it $GOOGL (via TradingNation)
Many traders take that pattern as a sign that a given stock will soon break out of its ever-tightening range — that either the buyers driving it higher or the sellers keeping a lid on its gains will "win out," Gordon said Thursday on CNBC'sAlphabet's newfound range is likely tied to investors' broader rotation out of high-performance areas of the market like the technology and consumer discretionary sectors and into value plays like energy stocks.
"Soon ... I believe, the buyers will step in and take us out of this range," the longtime trader and chart analyst said. "That's a $40 spread. That means that there's $4,000 of potential profit here, but you're not going to get that full $4,000. You have to pay a premium to get in," he said, referencing that $10.95 cost.
Gordon also called viewers' attention to the standard deviation, a statistic used by many options traders to anticipate a stock's likeliest future moves.
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