GOOGL Techical Analysis for Nov. 1, 2024Key Support and Resistance Levels
Immediate Resistance: 171.17 (current ask price). A break above this could indicate potential upside momentum.
Next Resistance: 182.02. This level may act as a significant barrier if GOOGL starts to rally.
Immediate Support: 163.94, where previous buying activity occurred. If the price retraces, it could find support here.
Major Support: 160.98–161.01, marking a stronger floor from prior price action. A break below this zone might signal further downside.
Price Action & Trend Analysis
Trend: The price has seen a downward pull after a recent rally, suggesting some profit-taking. However, the price currently appears to be consolidating near support zones.
Moving Averages: The 9 EMA and 21 EMA are trending downwards, showing that the recent short-term momentum has been bearish. Watch for any crossovers as a potential shift in momentum.
Trendline: There is a descending trendline from recent highs, which aligns with the current resistance. Breaking and closing above this trendline could indicate bullish momentum.
Entry and Exit Points
Entry (Long): If price sustains above 171.17 with strong volume, a possible entry could be considered with a target towards 182.02.
Exit: Consider taking profits at 182.02 if entering long. Alternatively, if the price loses support at 163.94, exit longs to avoid deeper downside.
Entry (Short): Below 163.94, consider shorting, with an initial target around 161.00 and potentially lower if selling pressure persists.
Additional Indicators
MACD: The MACD shows a slight bullish cross, which could suggest a near-term reversal in momentum if confirmed with price action.
Volume: Volume spikes are seen during sell-offs, indicating active participation in the recent downtrend. Watch for volume confirmation if the price attempts a breakout or breakdown.
Disclaimer
This analysis is for informational purposes only and should not be taken as financial advice. Please perform your own research or consult with a financial advisor before making any trading decisions. Market conditions can change rapidly, and this analysis may become outdated.