$Alphabet(GOOG)$ OCT30 350C is

Zone: $337.78 to $342.54

Invalidation: close under $335.50

Objectives: $355, then $362

The math works out to up 4.4% to the first objective and 6.4% to the second, against 1.4% risk on the invalidation. That is better than 4 to 1 to the second objective.

Think of this swing setup like a sturdy house that took a hard rain last week and came out dry inside. Alphabet fell to $335.50 on Friday, then on Monday buyers held the $338.25 low and closed price at $340.16, up about 1 percent. The floor held twice and sellers could not push it lower. Earnings on October 28 are the next real test, and the October 30 calls sit right after that report, so the answer comes while the contract is still alive. If buyers can lift price back over the Monday high, the road toward $355 opens up in plain sight.

One thing to watch is the $338.25 low from Monday. Hold above it and the bounce stays honest. Lose it and the floor talk gets much weaker.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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