Technical analysis by hammad69918 about Symbol GOOGLX: Buy recommendation (17 hour ago)

Hello TradingView Community, This post outlines a potential short trade setup for Alphabet Inc (GOOGL) on the 15-minute timeframe. Technical Analysis: The chart highlights a key horizontal price level at approximately $246.82. This level previously served as a solid support zone, holding the price up on multiple occasions. We have recently witnessed a decisive breakdown below this support, indicating a shift in momentum to the bearish side. The price is now trading below this broken structure. The trading idea is based on the classic "support-turned-resistance" principle. We are looking for a pullback to this former support level, anticipating that it will now act as a new ceiling and reject the price, leading to a continuation of the downtrend. Trade Setup: The short position tool on the chart visualizes a potential trade plan based on this bearish scenario: Entry: Approximately $246.82 (at the retest of the new resistance). Stop Loss: $261.70 (placed above the resistance zone to invalidate the idea if the price reclaims the level). Take Profit: $201.93 (targeting a new potential swing low). This setup provides a structured plan with a clear risk-to-reward ratio for a potential move lower. Disclaimer: This analysis is for educational and discussion purposes only and should not be considered as financial advice. Trading stocks involves significant risk. Please conduct your own research and manage your risk appropriately before making any trading decisions.