GOOGL: Intraday Scalping and Price Action Analysis for Nov. 61. Current Price Action
GOOGL is trading around $169, showing consolidation after a significant sell-off from recent highs around $182.
The price has broken below key EMAs (Exponential Moving Averages), suggesting bearish sentiment.
Volume patterns show spikes during sell-offs, indicating selling pressure, though recent volume has decreased, suggesting a potential pause or reversal zone.
2. Support and Resistance Levels
Support: Major support is around $161, as shown in the chart. A breakdown below this could lead to further declines.
Resistance: Immediate resistance lies near $171, aligned with the EMA on the 1-hour chart. Stronger resistance appears around $175 if a recovery is seen.
3. MACD Analysis
MACD lines are hovering near the signal line but have shown some convergence, which may indicate weakening bearish momentum. However, it is still in bearish territory.
A crossover on the 1-hour chart could signal a potential bullish reversal, but this would need confirmation with price action and volume.
4. Entry and Exit Points for Scalping and Intraday Trading
Long Entry: Consider a scalp entry above $171 if the price breaks and sustains above the EMA, with a target of $175. This aligns with a potential short-term reversal and may attract buyers.
Short Entry: If the price rejects $171 or breaks below $169 with increased volume, a short entry with a target of $165 or lower could be attractive.
Stop Loss: Place stops tightly above recent highs in either direction to manage risk effectively, considering the current consolidation pattern.
5. Trade Direction and Outlook
Bearish Bias: With the price below the EMA and the broader trend down, the bias remains bearish. Watch for any breakdown of $169 to confirm further downside.
Reversal Potential: A break and hold above $171 could indicate a short-term bullish reversal, potentially targeting $175 in the short term.
Summary
GOOGL shows bearish momentum but with signs of potential reversal. For scalping, look for breaks of key levels and confirm entries with volume and momentum indicators.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult a professional before making any trading decisions.
