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Investors are well aware of the volatility a stock can face around its quarterly earnings report. When you look at the daily and weekly charts for Jim Cramer's FANG stocks -- Facebook (FB) - Get Free Report , Amazon (AMZN) - Get Free Report , Netflix (NFLX) - Get Free Report and Alphabet (GOOGL) - Get Free Report -- it is clearly evident that investors need to know the key levels at which to buy on weakness and to sell on strength.

Alphabet and Facebook are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL or FB? Learn more now.

Google's Alphabet reports quarterly earnings after the close on Thursday. Its post-earnings volatility can be mind-boggling.

Netflix was the first of the FANG stocks to report. Its post-earnings volatility was to the downside.

Here's how to trade Alphabet and Netflix despite their earnings volatility. We'll start with the daily chart for Alphabet.


Courtesy of MetaStock Xenith

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Alphabet closed Wednesday at $774.92.

The horizontal lines in the upper right quadrant of this chart show the Fibonacci Retracement from the all-time high of $810.35 set on Feb. 2 to the Feb. 8 low of $682.01.

Alphabet's Wednesday close was well above its 61.8% retracement of the 2016 decline from high to low. That 61.8% retracement is at $761.42, which is a key level to hold on a negative reaction to earnings.

Below that is the 50% retracement of $746.28, which lines up with the 50-day simple moving average (in blue) of $744.94.

At the lower left quadrant, note how the rally for Alphabet began with a "golden cross," where the 50-day simple moving average rose above its 200-day simple moving average, indicating that higher prices were ahead. The stock began to rocket higher from $550.00 area back on July 7.

Looking from left to right, note three significant price gaps: on July 17, Oct. 23 and Jan. 4. Each of these price gaps were eventually filled on the technical theory that price gaps are almost always filled. Filling a price gap higher is a buying opportunity on weakness, and filling a price gap lower is a selling opportunity, as shown on the chart for Alphabet.

Here's the weekly chart for Alphabet.


Courtesy of MetaStock Xenith

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The weekly chart is positive, with the stock above its key weekly moving average of $759.13 and well above the 200-week simple moving average of $532.41. The weekly momentum reading is projected to rise to 62.40 this week, up from 58.75 on April 15.

Investors looking to buy Alphabet should consider doing so on weakness to $717.91, which is a key level on technical charts until the end of June.

A key level for this week is at $788.85.

Investors looking to reduce holdings should consider selling strength to $802.24 and $807.64, which are key levels on technical charts until the end of April and June, respectively.

Here's the daily chart for Netflix.


Courtesy of MetaStock Xenith

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Netflix closed Wednesday at $96.77, down 10.7% from the pre-earnings close of $108.40 on April 18.

The horizontal lines are the Fibonacci Retracements of the decline from the all-time high of $133.27, set on Dec. 7, and the Feb. 8 low of $79.95. The stock was above its 50% retracement of $106.62, and its 200-day simple moving average of $106.80 pre-earnings.

The negative reaction to earnings saw a trading low of $93.14 on Wednesday. The stock is now below its 38.2% retracement of $100.31; it stayed above its 23.6% retracement of $92.50.

Here's the weekly chart for Netflix.


Courtesy of MetaStock Xenith

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The weekly chart will be downgraded to neutral from positive if the stock closes Friday below its key weekly moving average of $101.60 and well above the 200-week simple moving average of $57.70. The weekly momentum reading is projected to rise to 65.99 this week, up from 60.23 on April 15.

Investors looking to buy Netflix should consider doing so on weakness to $82.98, which is a key level on technical charts until the end of 2016.

A key level of $97.71, which failed to hold, becomes a magnet until the end of April.

Investors looking to reduce holdings should consider selling strength to $108.23, which is a key level on technical charts until the end of June.

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