GOOG has rallied sharply from the lower boundary of its descending 4-hour channel near $315 and is now pressing the channel’s upper rail around $355–360. That zone also overlaps the $355 level highlighted in the attached Cramer post, but the chart—not the commentary—is the real decision-maker here.
Why it matters
The broader correction is still defined by lower highs inside a falling channel. A confirmed 4-hour close above the upper boundary, followed by acceptance above $360, would be the first meaningful sign that the structure is changing. A rejection here would keep the downtrend intact and turn this move into another rally into resistance.
What I expect next
Near term, I expect volatility and a battle around $355–360 rather than an effortless breakout. The bullish path is a clean close above $360 and follow-through, which would put $370–375 in play first, then the prior high near $404.44.
The bearish path is a rejection back below $355, opening a move toward $340 and the channel midpoint around $333.68. Losing $333 would raise the odds of a deeper retest toward the $315 area.
My base case: wait for confirmation. Above $360 with acceptance, momentum favors the bulls; below $355, the descending channel still controls the trade.
This is market commentary, not financial advice.
Why it matters
The broader correction is still defined by lower highs inside a falling channel. A confirmed 4-hour close above the upper boundary, followed by acceptance above $360, would be the first meaningful sign that the structure is changing. A rejection here would keep the downtrend intact and turn this move into another rally into resistance.
What I expect next
Near term, I expect volatility and a battle around $355–360 rather than an effortless breakout. The bullish path is a clean close above $360 and follow-through, which would put $370–375 in play first, then the prior high near $404.44.
The bearish path is a rejection back below $355, opening a move toward $340 and the channel midpoint around $333.68. Losing $333 would raise the odds of a deeper retest toward the $315 area.
My base case: wait for confirmation. Above $360 with acceptance, momentum favors the bulls; below $355, the descending channel still controls the trade.
This is market commentary, not financial advice.
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.
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.