GOOGL Intraday Trading – Key Levels for November 6, 20241. Price Action and Trend Overview
GOOGL has been consolidating around the $170 level after a recent decline from the high around $182.
Price action is exhibiting a period of low volatility, hovering near the trendline support, which may act as a springboard if demand increases.
The EMA lines are relatively flat, indicating indecision in the current price range, but a breakout above or below the consolidation could signal the next directional move.
2. Support and Resistance Levels
Immediate Support: $168, a level where price has been stabilizing recently.
Primary Resistance: $175, aligning with prior highs and a minor supply zone. Breaching this level may lead to further gains.
Upper Resistance: Around $182. This is a more significant resistance level where GOOGL recently topped out before the pullback.
3. MACD and Volume Analysis
The MACD on the 1-hour chart is starting to show a bullish crossover, hinting at potential upward momentum if confirmed by price action.
Volume has been relatively low, reflecting the consolidation phase. Watch for an increase in volume as an early sign of potential breakout strength in either direction.
4. Entry and Exit Points for Scalping/Intraday
Bullish Entry: Consider a long position if GOOGL breaks above $175 with strong volume, aiming for a move toward $178-$182.
Bearish Entry: If GOOGL fails to break $175 and shows rejection at that level, a short position with a target toward $168 support could be considered.
Stop Loss: For long positions, place a stop below $168. For short positions, consider a stop above $175.
5. Suggested Directional Bias
Neutral to Bullish Bias: Given the current consolidation near support, there may be potential for an upward breakout if $175 resistance is cleared. However, a failure to break $175 could maintain the consolidation or lead to a bearish move back to $168.
Bearish Scenario: If $168 fails as support, GOOGL may slide further towards $161, which is the recent low and could act as a secondary support.
Summary
GOOGL is in a consolidation phase near the $170 level, with a potential for upward movement if resistance at $175 is broken. Volume and MACD movements will be critical in confirming any directional move, and key levels should guide entries and exits for scalping and intraday strategies.
Disclaimer: This analysis is for informational purposes only and not financial advice. Please conduct your own due diligence and consider consulting a financial advisor before trading.
