GS trade ideas
GSNice level to buy here, nice risk to reward.
Price breakout , then pullback at the demand zone.
Total trend for daily chart is going up.
GS Distribution continuesIf BEARS are unable to break resistance prices will likely trade higher into the upper trend line of the descending channel before trading lower as DISTRIBUTION continues.
There is no sign of a selling climax so my bias is that it does continue lower
Taking a Short at Goldman SachsHi all,
Here's an idea that is about going short a famous bank.
1 Goldman Sachs (GS) has been channeling steadily upwards from May 2012 up to June 2015.
This is a significant move where price rises from $100s to just over $210s.
Yes, the price action is noisy so, only patience in a long term trend can net you this kind of over 100% return.
2 However, the bulls got exhausted at $210s and we observed a clear Head & Shoulder pattern formed, as marked out.
The neckline of 171.50 was broken cleanly on 01 June 2016. The breakout reached as low as $140s, before undergoing the retracement back to $165s recently.
This Head & Shoulder breakout signals that the bullish trend in 1 is reversed into a bearish trend.
In other words, price will try to trade lower to reach $140 and beyond.
3 Since the trend is bearish, next we look at the RSI (14), as a guide on when to enter short.
This is done by matching the price peaks versus corresonding RSI peaks,
We observed that the Head of the H&S coincides with a RSI of around 70.
The next obvious price peak was around 200, matching a RSI of around 69.
This forms a sort of a RSI resistance, which will help to indicate the next possible peak.
Currently, we note that RSI has done a V turn close to the RSI resistance, with price forming the next possible peak, just after the $170.
In other words, it is likely that 167 is the starting point for the next phase of the bearish move down.
4 Lastly, the price action starting from 22 June 2015 to now, is taking the form of a classic Elliott 5 Wave pattern.
This pattern fits well and coincides with the formation of the H & S pattern.
It is likely that price will attempt to move in the form of the 5th impluse wave, to complete this Elliott 5 Wave pattern.
Projection:
Given the observations made, we project that the next phase of bearish move has already started with the aim of taking price to $140 and lower.
Short Entry Condition:
Anytime from now, at a price no cheaper than 167.00.
Stop Loss:
Above 167.00.
If price moves beyond this point, it will prove our theory that 167 is the latest peak wrong and therefore remove the basis for going short.
Taking Profit:
This will be left to your decision and according to your risk profile.
You can either hold 100% all the way down or taking partial profits.
There are 3 places where you can consider taking partial profit along the way.
TP1: 150 is basically a point where you can conservatively take a bit of profit, just in case you have something to show for if the price moved back to break even subsequently
TP2: 140 is a critical point where price will decide whether to go lower or to form a double bottom pattern and neutralize the H & S pattern.
TP3: 128.50 is the holy grail where the breakout follows through all the way. Price may even carry on lower due to the general bearish drift of the trend.
Time Limit:
All short positions should be closed by 01 Aug 2016 .
Summary:
A Head & Shoulder pattern, along with a possible Elliott 5 wave pattern, plus a RSI resistance indicates that GS is starting up a bearish move towards 140 and below.
Have a Profitable Day~!
-BreakOutArtist
Long GSHi Traders,
Well as you can see technically the stock has reached the bottom end of the ascending channel along with retracing back to the 158.08 previous broken resistance turned current support. This is a aggressive entry prior to the close today. In the chart I've provided a line drawing explaining the breakout entry.
Stop is at 154.70
TP is at 166.90
Let's see how this plays out! =)
Goldman Sachs still looking weakSo I posted this chart a couple of weeks back but the 5th wave ended at 162. Again I will never be one that only posts things that are perfect because that is not what trading is about. Really have to watch things being that the financials are still looking weak after earnings.
Keep watching here....
GS - make or break, wait.This stock had its recovery higher after the bottom in February, we need to see a bullish close above 168.53 for any further advance. If you look at XLF ( thank you KDLANG ) and other bank stocks, then it appears as if there is NOT YET a truly bullish conviction behind those recovery moves. But any real market strength would have to include the financials. Putting it on my watchlist and setting alerts for 168.53 USD.
Goldman Sachs Group Inc Break Out of ConsolidationGS Might stay above the 163.89 until next week. By Once it leaves the consolidation it will move fast.
GS: H&S bottomBreak-away confirmed. The green line is targeted. I am thinking of buying this stock on Monday. But the R:R profile is not very good. So maybe it's best to wait for a lower-TF throw-back.
GS Possible trade Idea April 15--> 22.I see the market being pumped.... ( before the ??).. I will look carefully and see how this stock acts and might grab some short dte puts for a quick trade.
$GS (D) Still too early.Negative sloping ema50 and ema200; bearish. Temporary local bottom in February. Likely candidate for a few more multibottom attempts before bulls swing ema50 and ema200 to marginally positive slopes.
Do not forget about the prior resistance above.
GS is in DistributionGoldman continues to show signs of distribution an addition to trading with a descending channel. Prices recently created a spring that is capable of pushing prices into "overbought" ranges relative to the trading channel. If buying volume remains contracted into resistance it is likely going to provide a low risk short
Good Luck!
GS Goldman Sachs Sell within Triangle (wave 4)Selling down within triangle, first target bottom of triangle,
Second target Fib cluster between 136 and 131 for 5th wave completion along with longer term buy patterns (Stop and reverse long)
Could bounce around inside triangle for a while so if it ishows support on the triangle support I may buy long short term and reestablish short near resistance again
GS: In downchannelDowntrend is in effect, though the picture is so far from giving a proper sell signal. We will wait.
Banks are still in trouble! $GS needs $162 LevelBulls need to take this from Feb low to 38.2% which will give some relief for the bulls but downside risk is higher than upside risk so if price manages to push that level and fails, don't hesitate to take your chance! Trade less, and save more!
GS Bear - Second ChartGoldman appears to have relatively recently confirmed completion of a head and shoulders tops. The head and shoulders are marked by short horizontal blue lines, and the neckline forms at about 172. Volume during this time period appears to support the formation, as does the attempted rally (around January 29th) on the initial steep decline below neckline support.
Based on the distance (46) between the head and the neck, a long term price bottom of approximately 126 is appropriate, albeit only an approximation.
Regarding Goldmans recent movements, a key support/resistance level for the past two months appears to be 150. While GS has for the moment bulled its way above that point, I would note that for the YTD volume is much higher when GS declines than when it rises. This is supportive of my theory that GS is still declining from a long term head and shoulders tops, as selling pressure is greater than buying pressure. This is also the case on its most recent movement to 154.65 - daily volume was at 6.489M compared to a moving average of 6.363M - not a strong enough spike to suggest the Bulls are back in charge of the big picture just yet, but completely in line with its previous bounces in the year to date.
Again, I'd love any critiques or comments at all.
Oh, as a side note I have no current or planned positions in GS - this chart is purely academic.
