GOOGL: price at important resistance zone

Price has been following the outlined structure from the July and August updates, showing the expected relative outperformance versus SPX. However, instead of forming a prolonged Autumn consolidation, price moved almost directly to the target resistance zone for the uptrend since the April bottom: 250–270.

While one more short-term push toward the top of the resistance zone is possible, as long as price remains below 270, I am watching for rising selling pressure and a potential durable consolidation to develop in the coming weeks. If price manages to post a sustained breakout above 270, the current structural view would need to be reassessed.

Caution is advised with any new long exposure at these levels, and consider protecting open long positions in case of a reversal or broader market weakness.

Chart:

Previously:
• On resistance and potential consolidation (Aug 29):
Chart:
Link: https://www.tradingview.com/symbols/NASDAQ-GOOGL/minds/?mind=uAr6w4iORjSXBxZ026OPTQ


• On local support (Aug 11):
Chart:
Link: https://www.tradingview.com/symbols/NASDAQ-GOOGL/minds/?mind=2gOSfJ2US8eHesa1_3FimA


• On upside potential & relative strength vs SPX (Aug 5):
Link: https://www.tradingview.com/symbols/NASDAQ-GOOGL/minds/?mind=O3UTkv8ESv6n5A5-9tS9sA

• On breakout setup (Jul 13):
Chart:
Link: https://www.tradingview.com/symbols/NASDAQ-GOOGL/minds/?mind=dqJeeM9_REq6HIrMR8Us1A