GS trade ideas
GS Weekly Analysis 1/4/13Looking to challenge (and break) the next resistance at $179 (4/10 high) in a couple of weeks. Medium term bullish.
Failed to break out over 170 this weekMay try to go next week. If it fails again, expect weakness to 165
GS coiling and ready to jumpJust like a frog getting ready to jump high in the air, I believe that Goldman Sachs is getting ready to join the direction of the overall market. The weekly and daily chart both provide good clues that GS is gathering energy. This daily chart clearly shows that GS is consolidating. It is almost exactly in the middle of its typical range confirming that it is consolidating. To determine which direction it is going next, let's look specifically at the EMA's and candlesticks.
A long trend may not be appearing yet, but since my overall market outlook is long (see my chart for ESZ2013) I believe GS will follow suit. There is potential brewing here to support a long trading assumption. The last three days are beginning to make higher highs showing the potential for its movement long. Even though the 21 EMA hasn't been able to hold up this stock, I believe the 100 EMA will hold and begin to help GS jump up. I will be watching GS this week to see if the 158 level holds as support, if it does then I will be jumping in.
GSTriple Tops, hitting support at trend line and 200 simple moving average. Stochastic RSI still shows bearish move. AO is also in the down trend.
GS- bearish patternGS - beairsh pattern on weekly chart. However, the longterm pattern shows a bullish chart.
