GOOGL at a Pivotal Crossroad! Key Levels and Trade Setups-Jan 3Technical Analysis (TA):
Current Price Action:
* GOOGL has recently broken out of a descending channel and is now trading above $200, showing bullish momentum.
* The price reached a high of $205.48 and is currently consolidating.
Key Support and Resistance:
* Support Levels:
* $200 (psychological level and recent breakout point).
* $192.50 (historical support and HVL zone).
* Resistance Levels:
* $205.48 (intraday high).
* $210 (highest positive GEX/Call Resistance).
Trend and Indicators:
* MACD: Positive momentum but showing signs of potential divergence. Watch for a cross to confirm direction.
* Stochastic RSI: Overbought, suggesting possible short-term consolidation or pullback.
* Volume: Increasing on the breakout, indicating strong interest from buyers.
Price Scenarios:
* Bullish: A breakout above $205.50 could see a test of $210, aligning with the highest positive GEX level.
* Bearish: A failure to hold $200 may lead to a retest of $192.50 and further downside toward $185.
Options GEX Analysis:
* Call Walls:
* $205.48 (key resistance).
* $210 (highest positive GEX, strong gamma wall).
* Put Walls:
* $192.50 (support zone).
* $185 (2nd Put Wall and significant downside support).
Options Metrics:
* Implied Volatility (IVR): 57.2 (elevated, indicating higher premium levels).
* Call Volume Dominance: 25.8% ($205 strike seeing significant activity).
* Gamma Exposure (GEX): Positive, supporting bullish bias.
Trade Setups:
Bullish Setup:
* Entry: Above $205.50.
* Target: $210.
* Stop-Loss: $202.
Bearish Setup:
* Entry: Below $200.
* Target: $192.50.
* Stop-Loss: $203.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risks carefully before trading.