Hello, I am the Cafe Trader.
To finish off our series of the MAG 7 we have GOOGL up next.
If you have been keeping up, I will offer insight into Long term and short term interest. Google has taken out a key sellers on July 21st, and also closed inside the supply zone. This is very bullish, bulls have not got much pushback from the bears, suggesting this could test the highs again, and prime itself for a breakout.
Long term price guide helps you align a buy area with your conviction. I will update the price as of friday's close (today)
Long Term
Aggressive: $179 - If we close today above the bottom of supply line, then I would suggest this aggressive price adjust to 187.50
Fair Sentiment $166 - 173 - Between the big buyers and the strong demand. Also having the trend to support adds a 3rd strength.
Extreme Deal $140-148 - If you can catch a deal here, best to snatch it up. Alot of Big money wil be doing the same.
Short Term
weakness in the supply area is suggesting a run to the top. Trying ot get in here can be tricky. Since today is friday, the close is extremely important to see how our next week will be framed. So here I have 2 Bullish scenarios to help you find opportunity for GOOGL.
Green Scenario
Yes its possible it will run strait up into the top of supply, as a trader, you don't want to be that buyer just yet. I wouldn't personally feel great about trading the green line scenario without seeing a real buyer step into the market. So if we can Find a real buyer, we will play off of them and rirde to the top.
No entry or price targets on this one yet.
Red Scenario
This scenario has a real buyer, and personally I think is a safer trade to take (as of right now). With this squeeze that's happening, there is a good chance at some point there will be buyers getting exhausted and shorts getting a grip on this. This is why I would not buy "top of demand" but would look to get close as I could to the strong demand. and then a ride back to the "Top of Supply"
Entry: 175
Stop: 170
Partial Profit: (when the sellers step in, thats our first TP)
Target: 206
That's a wrap on our MAG 7 series, Happy Trading and we will see you next time.
Next week we are going to chart out Crypto, if you have any specific suggestions you want to see me chart, comment below.
thecafetrader
To finish off our series of the MAG 7 we have GOOGL up next.
If you have been keeping up, I will offer insight into Long term and short term interest. Google has taken out a key sellers on July 21st, and also closed inside the supply zone. This is very bullish, bulls have not got much pushback from the bears, suggesting this could test the highs again, and prime itself for a breakout.
Long term price guide helps you align a buy area with your conviction. I will update the price as of friday's close (today)
Long Term
Aggressive: $179 - If we close today above the bottom of supply line, then I would suggest this aggressive price adjust to 187.50
Fair Sentiment $166 - 173 - Between the big buyers and the strong demand. Also having the trend to support adds a 3rd strength.
Extreme Deal $140-148 - If you can catch a deal here, best to snatch it up. Alot of Big money wil be doing the same.
Short Term
weakness in the supply area is suggesting a run to the top. Trying ot get in here can be tricky. Since today is friday, the close is extremely important to see how our next week will be framed. So here I have 2 Bullish scenarios to help you find opportunity for GOOGL.
Green Scenario
Yes its possible it will run strait up into the top of supply, as a trader, you don't want to be that buyer just yet. I wouldn't personally feel great about trading the green line scenario without seeing a real buyer step into the market. So if we can Find a real buyer, we will play off of them and rirde to the top.
No entry or price targets on this one yet.
Red Scenario
This scenario has a real buyer, and personally I think is a safer trade to take (as of right now). With this squeeze that's happening, there is a good chance at some point there will be buyers getting exhausted and shorts getting a grip on this. This is why I would not buy "top of demand" but would look to get close as I could to the strong demand. and then a ride back to the "Top of Supply"
Entry: 175
Stop: 170
Partial Profit: (when the sellers step in, thats our first TP)
Target: 206
That's a wrap on our MAG 7 series, Happy Trading and we will see you next time.
Next week we are going to chart out Crypto, if you have any specific suggestions you want to see me chart, comment below.
thecafetrader
Trade active
I think Google Is going to blow the doors off ATH. There is a new aggressor from Googles buyers. We may get some consolidation before the break allowing an entry. But last weeks close was very bullish. I'll keep everyone posted
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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.