Chart of the day

GOOGL is bouncing off the first key support of 134 and is extending higher by testing the next important resistance 138.70. Short-term the support zone is 130-133 zone for this extension higher. 2023 Q3 results were published yesterday and they are much improved from Q2.

Only a break below 132 will invalidate this extension higher and would change the Elliott Wave long-term count. The key medium-term and Q4 20203 resistance level for a strong upside continuation is 138.70.

Long trades are favored to be opened here with a stop loss below 133. We prefer the long trade entries and building a buying position at this stage as we see an ongoing price action to continue higher after the strong confirmed bounce off 139. Short trade entries could come only upon a confirmed break below 130. You can trade the options as well and I published yesterday for a trading community calls option buy order.