Shares of Alphabet (GOOGL) - Get Report appear to have put in a near-term top. The stock has been bumping up against heavy supply near the $810 area the previous two weeks. This process has zapped Alphabet's post-earnings momentum as we enter the last half of the month. The result will likely be a healthy pullback and a low-risk entry opportunity for patient bulls.

As the two-day Brexit flush began, Alphabet was already tracing out a deep pullback. The selling wave that hit U.S. stock's on June 27 pushed Alphabet to fresh 2016 lows, but further damage was well contained. As shares began to recover at the end of June, the stock had left behind a major double bottom near the $680 area. By the time Alphabet reported its second-quarter results after the July 28 close, the stock had already gained over 14% from the Brexit low. Alphabet's blow-out results provided the spark needed to drive shares to new 2016 highs.

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GOOGL opened on July 29 with a huge upside gap. The stock continued higher as August began, but it was clear the powerful earnings momentum had begun to fade. Alphabet was unable to close above the ugly February spike high near $810 after two weeks of trying. Since then, the stock has faded and appears to have further to fall as a healthy pullback begins to take hold.

For patient investors, this will create much lower-risk entry opportunities than currently available. In the near term, GOOGL bulls should keep a close eye on the April peak near $791. A close below this key support level will open up the downside to further loses. The eventual downside target is the huge earnings-fueled breakout gap near $769. This is the top band of a major support zone. The lower band includes the May high as well as the 50-day moving average. Both are near the $753 area. If GOOGL can build a solid base in this key area, it will be set up well for a return to the highs.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.