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Shares of Alphabet (GOOG) - Get Alphabet Inc. Class C Report (GOOGL) - Get Alphabet Inc. Class A Report have been struggling since its extremely damaging April 22 breakdown gap. The stock lost over 5.3% that day after a disappointing earnings report. A week later, the stock began to repair the damage after reaching major support near its 200-day moving average.

This consolidation pattern has continued into this week, but a change of character may be on the way. With overhead pressure building steadily this month, Alphabet is looking vulnerable to a deep selloff.

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Alphabet's post-earnings consolidation has held the 200-day moving average since late April. The stock has stabilized near this area but has attracted very little in the way of bullish interest. This lack of interest has been a problem since an extremely ominous double top was left behind at the December/January spike highs. Alphabet did manage to rebound from mid-February to mid-April, but it was obvious that investors were fairly cautious ahead of the first-quarter earnings report. The breakdown that followed the April 21 release dealt another extremely damaging blow to the stock.

As a new week begins, Alphabet is slightly lower and still rangebound, but signs are beginning to point to lower prices ahead. In the near term, Alphabet bulls should keep a close eye on last week's low near $697. A clear break of this level would push the stock back below an already weakened 200-day moving average. Once this level is convincingly taken out, selling pressure could gain steam quickly. The end result may be a retest of the 2016 lows set back in February near $663.

For patient investors, a low-risk entry opportunity will develop if Alphabet can find its footing after a retest of the lows.

From a fundamental perspective, GOOGL is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio. "We continue to appreciate Google's drive for innovation and we reiterate our $900 long-term price target," Cramer and Research Director Jack Mohr wrote recently.

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