$GOOG

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The market structure on this lower timeframe has shifted from a consolidative, slightly bearish phase into a bullish reversal. Price action previously found a firm floor around the 283.37 level and has since broken above minor resistance, creating a series of higher highs and higher lows. The price is currently testing a local resistance zone near 293.70, attempting to establish a new leg up.

Looking at the 1-hour chart, the price is trading above the short-term moving averages (MA5, MA10, MA20), which are all clustered tightly around the 291 level, indicating strong immediate support. The longer-term MA200 (blue line) sits at 288.61, which the price has recently reclaimed. The MACD indicator confirms the bullish momentum, with the MACD line (0.07) crossing above the signal line and both moving into positive territory, accompanied by growing green histogram bars.

Trading Plan

· Entry: A conservative entry would be on a pullback to the MA cluster (291.00 - 291.50) to catch a better risk-to-reward ratio. Alternatively, a breakout entry above the recent high of 293.70.
· Stop Loss: A stop loss placed just below the MA200 and the recent swing structure, around 287.50.
· Take Profit: Targeting the next psychological resistance or previous swing highs around 301.00 (near the MA300 line).

I predict a short-term bullish continuation. The strong bounce from the 283 lows and the MACD crossover suggest buyers are in control. If GOOG holds above the 288-291 support zone, it is highly likely to push through the 293.70 immediate resistance and challenge the 300 level in the coming sessions.

What Trade Plan I Follow and Why❓️

I am following a trend-following breakout/pullback strategy. I chose this because the technical indicators (MACD crossover, price above short-term MAs, and reclaiming the MA200) are aligning perfectly for a long position. The momentum is shifting upward, and buying dips near the moving averages offers a favorable risk-to-reward setup compared to chasing the price at the absolute top.

When I Start My Trade❓️

I would initiate a long position if the price shows a bullish rejection candle (like a hammer or bullish engulfing) upon retesting the 291.00 - 291.50 support area. Alternatively, I would enter if a strong 1-hour candle closes decisively above 293.70 with increased volume.

The recent price action features a series of solid green bullish candles that have engulfed previous bearish moves. The chart is currently forming a consolidation near the top (293.70), creating small-bodied candles. A break above this tight range would likely form a Bullish Continuation pattern (like a flag or a strong marubozu candle), signaling buyers are ready to push higher.

Bullish. The technical setup is favorable for the bulls, provided the price maintains its footing above the 288-291 support zone. The momentum indicators support an upward move, making a long position viable.