Charts show there’s more upside in Alphabet, Alibaba and Snap
The Nasdaq Composite has been inching toward its all-time high, and a number of the biggest technology stock gainers could have more room to rise, CNBC’s Jim Cramer said Tuesday.
The tech-heavy index picked up 0.30% during the session to close just above 8,000, about 1.6% off the all-time high it recorded in August.
“Alphabet, Snap and Alibaba have been screaming higher, and as much as we hate to chase on ‘Mad Money,’ the charts, as interpreted by Bob Lang, suggest that all three of these internet stocks have more room to run,” the “Mad Money” host said.
Lang is founder of ExplosiveOptions.net, an options trading service, and a contributor at TheStreet.com, the financial news service co-founded by Cramer. Lang relied on the Ichimoku Cloud and Chaikin Money Flow indicators to make a case, Cramer said.
The Ichimoku Cloud, which has been around for about five decades, measures stock price averages to determine bullish and bearish momentum. The Chaikin oscillator measures buying and selling pressure, Cramer said.
“I don’t know if he’s right, but it never hurts to have the charts on your side,” Cramer said.