Charts Suggest It's Not Time to Buy the Dip in Mega-Cap Tech Stocks Just Yet, Cramer Says

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Investors who want to capitalize on the struggles of large-cap technology stocks should remain patient, CNBC's Jim Cramer said Monday, citing technical analysis from Carolyn Boroden.

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In general, Cramer said Boroden believes Alphabet — along with other tech giants with downtrodden stocks this year — will not be able to return overnight to bullish trading patterns that defined 2020 and much of last year, too. "Of course, she thinks it's possible we could get some oversold rallies here," Cramer said. However, he added,"the stock has a lot of resistance on the way up, though. You've got a bunch of ceilings running from $88 to $93. ... Given the lack of anything bullish in this chart, Boroden wouldn't bet on Alphabet breaking through this ceiling."Jim Cramer's Guide to Investingfor the CNBC Investing Club to follow Jim Cramer's every move in the market.

 

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