GOOGL's Momentum Breakout: Scalp & Swing Playbook Nov. 20
GOOGL has rebounded strongly from its recent lows and is approaching key resistance levels with sustained bullish momentum. With a clear trendline structure and improving technical indicators, GOOGL offers actionable setups for scalpers and swing traders alike. Here’s a step-by-step plan to navigate the stock’s next move.
Market Structure Overview
* Reversal in Progress: GOOGL is recovering after a sharp sell-off, forming higher lows and climbing above critical EMAs.
* Price Action Insight: Trading near $178.30, the stock is consolidating after a breakout, signaling potential for further upside or a retest of support.
* Volume Trends: Increasing volume during the uptrend indicates growing buyer participation, strengthening the bullish case.
Liquidity Zones
* Demand Zone (Support): $172.00 - $174.00. This zone has held firm during the previous pullbacks and could act as a solid base.
* Supply Zone (Resistance): $182.00 - $184.00. Sellers are likely to emerge near this level, as it aligns with the last rejection.
Order Blocks
* Bullish Order Block: $172.00 - $173.50. Watch for buying interest if GOOGL retraces to this zone.
* Bearish Order Block: $182.00 - $183.50. This area represents the next key hurdle for bulls.
Key Levels
* Support Levels: $171.00, $172.00, $174.00.
* Resistance Levels: $178.50, $182.50, $184.00.
Technical Indicators
* 9 EMA & 21 EMA (Hourly): GOOGL is trending above these indicators, confirming short-term bullish sentiment.
* MACD (Hourly): Bullish crossover with a widening histogram, suggesting continued momentum.
* RSI (Hourly): Approaching overbought levels, so a pullback or consolidation is possible.
Scalping Plan
* Entry: Look for entries near $177.50 - $178.00 on a retest of minor support.
* Exit: First target at $179.50, with an extended target at $181.00.
* Stop-Loss: Place a tight stop at $176.50 to limit risk.
* Game Plan: Focus on momentum-based plays near breakout levels. Confirm volume and candle structure before entering.
Swing Trading Plan
* Entry: Accumulate near $172.50 - $174.00 for a higher-probability setup.
* Exit: First target at $182.00, with the potential for $184.00 on sustained momentum.
* Stop-Loss: Place below $171.00 to protect against downside risks.
* Game Plan: Watch for confirmation of the trendline support and higher lows to validate a swing trade setup.
Projection
GOOGL is positioned for a test of $182.00 and potentially $184.00 if the bullish momentum continues. However, a failure to hold $177.00 may lead to a retest of $172.00, which could provide another buying opportunity.
My Thoughts
GOOGL’s recovery suggests strong potential for both quick scalps and longer swing trades. Scalpers should capitalize on short bursts of momentum near $178.00, while swing traders can leverage pullbacks to $172.00 for a longer-term play. As always, manage your risk and adhere to your plan.
Disclaimer
This analysis is for educational purposes only and should not be construed as financial advice. Always do your own research and consult a financial advisor before making trading decisions.
Market Structure Overview
* Reversal in Progress: GOOGL is recovering after a sharp sell-off, forming higher lows and climbing above critical EMAs.
* Price Action Insight: Trading near $178.30, the stock is consolidating after a breakout, signaling potential for further upside or a retest of support.
* Volume Trends: Increasing volume during the uptrend indicates growing buyer participation, strengthening the bullish case.
Liquidity Zones
* Demand Zone (Support): $172.00 - $174.00. This zone has held firm during the previous pullbacks and could act as a solid base.
* Supply Zone (Resistance): $182.00 - $184.00. Sellers are likely to emerge near this level, as it aligns with the last rejection.
Order Blocks
* Bullish Order Block: $172.00 - $173.50. Watch for buying interest if GOOGL retraces to this zone.
* Bearish Order Block: $182.00 - $183.50. This area represents the next key hurdle for bulls.
Key Levels
* Support Levels: $171.00, $172.00, $174.00.
* Resistance Levels: $178.50, $182.50, $184.00.
Technical Indicators
* 9 EMA & 21 EMA (Hourly): GOOGL is trending above these indicators, confirming short-term bullish sentiment.
* MACD (Hourly): Bullish crossover with a widening histogram, suggesting continued momentum.
* RSI (Hourly): Approaching overbought levels, so a pullback or consolidation is possible.
Scalping Plan
* Entry: Look for entries near $177.50 - $178.00 on a retest of minor support.
* Exit: First target at $179.50, with an extended target at $181.00.
* Stop-Loss: Place a tight stop at $176.50 to limit risk.
* Game Plan: Focus on momentum-based plays near breakout levels. Confirm volume and candle structure before entering.
Swing Trading Plan
* Entry: Accumulate near $172.50 - $174.00 for a higher-probability setup.
* Exit: First target at $182.00, with the potential for $184.00 on sustained momentum.
* Stop-Loss: Place below $171.00 to protect against downside risks.
* Game Plan: Watch for confirmation of the trendline support and higher lows to validate a swing trade setup.
Projection
GOOGL is positioned for a test of $182.00 and potentially $184.00 if the bullish momentum continues. However, a failure to hold $177.00 may lead to a retest of $172.00, which could provide another buying opportunity.
My Thoughts
GOOGL’s recovery suggests strong potential for both quick scalps and longer swing trades. Scalpers should capitalize on short bursts of momentum near $178.00, while swing traders can leverage pullbacks to $172.00 for a longer-term play. As always, manage your risk and adhere to your plan.
Disclaimer
This analysis is for educational purposes only and should not be construed as financial advice. Always do your own research and consult a financial advisor before making trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.