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GOOGL Trading Near the Midrange

Written By: ChartChamp

November 5, 2024

GOOGL has formed an upward white channel, and is currently trading near the midrange of this channel. There is support around $155 and resistance around $193. Over time these levels will increase since the channel is sloped upwards. GOOGL attempted a bullish breakout, flipping the upper white line from resistance to support. However, GOOGL failed to rally and has dropped back down into the white channel again. I think the price action is currently neutral and we’re likely to see some sideways price action. I would buy dips near the bottom of the channel and sell near the upper range of the channel.

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