GOOGL is still trading inside a descending structure, and price is currently compressing toward the apex of that falling channel. The bounce off the lows lacked momentum and volume follow-through, which tells me this is more of a relief move than a true trend reversal for now.
From a price-action perspective, GOOGL failed to reclaim the prior breakdown zone around 308–310. That area continues to act as supply. Until price can hold above it, the path of least resistance remains sideways to down. The lower channel trendline and prior demand around 302–300 remain the key downside magnet if sellers press again.
Now layering in GEX, the options positioning lines up well with what price is showing.
The largest negative gamma / PUT support sits near the 300–302 zone, which explains why price keeps reacting there instead of cascading lower. Dealers are likely hedging aggressively in this area, creating temporary stabilization. However, above price, CALL resistance builds between 315–320, with a notable call wall around 317–320, which caps upside attempts unless we see a strong shift in flows.
This creates a very defined range behavior:
As long as GOOGL remains below 315, upside extensions are likely to stall into dealer-driven resistance. If 302–300 breaks with volume, the next downside pocket opens quickly, since gamma support thins out below that level.
In short, price structure and GEX are aligned. This is still a sell-the-rallies environment, not a chase-the-bounce setup. Bulls need a clean reclaim and acceptance above 315 to flip the narrative. Until that happens, expect choppy consolidation with downside risk toward 302–300, especially if broader market pressure increases.
This analysis is for educational purposes only and does not constitute financial advice. Always manage risk and make your own trading decisions.
From a price-action perspective, GOOGL failed to reclaim the prior breakdown zone around 308–310. That area continues to act as supply. Until price can hold above it, the path of least resistance remains sideways to down. The lower channel trendline and prior demand around 302–300 remain the key downside magnet if sellers press again.
Now layering in GEX, the options positioning lines up well with what price is showing.
The largest negative gamma / PUT support sits near the 300–302 zone, which explains why price keeps reacting there instead of cascading lower. Dealers are likely hedging aggressively in this area, creating temporary stabilization. However, above price, CALL resistance builds between 315–320, with a notable call wall around 317–320, which caps upside attempts unless we see a strong shift in flows.
This creates a very defined range behavior:
As long as GOOGL remains below 315, upside extensions are likely to stall into dealer-driven resistance. If 302–300 breaks with volume, the next downside pocket opens quickly, since gamma support thins out below that level.
In short, price structure and GEX are aligned. This is still a sell-the-rallies environment, not a chase-the-bounce setup. Bulls need a clean reclaim and acceptance above 315 to flip the narrative. Until that happens, expect choppy consolidation with downside risk toward 302–300, especially if broader market pressure increases.
This analysis is for educational purposes only and does not constitute financial advice. Always manage risk and make your own 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.
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.