GS: In downchannelDowntrend is in effect, though the picture is so far from giving a proper sell signal. We will wait.
GS trade ideas
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.
GS UpdateSince we last posted this chart, GS has continued much lower, but is at KEY support at $151. The rout in commodities and the energy sector is putting downward pressure on the US banking system as there is a possibility that US banks that have loaned these distressed energy companies money, may not be able to repay their loans and subsequently US banks may take a massive hit as they may be forced to write off the debt.
GS Goldman Sachs Weekly Buy ZoneLooking for possible bounce off long term trend line + confluence of multiple Harmonic patterns in the same zone
Preferred buy level is around 129.85 which is a nice level and I will be looking closely if GS continues to fall to that level
Possible targets if this eventuates would be around 154.00 and then possibly up to 179.00
Shorts In FavorBasic TA
$GS keep it simple
Gap Down
Break out of triangle in to Rectangle
Supports Mapped Out along with Trendlines
The Market is Fluid
Right now i see it going lower or sideways
Only Time will tell. ;)
GS EARNINGS PLAYGS announces earnings on Wednesday before open, so look to put on this play before Tuesday market close.
Here are the plays:
Jan 29 142/170 short strangle
Probability of Profit %: 76%
Max Profit: $180/contract
Buying Power Effect: ~$1749
Break Evens: 140.20/171.80
Jan 29 138/143/167.5/172.5 iron condor
Probability of Profit %: 69%
Max Profit: $136/contract
Buying Power Effect: ~$364
Break Evens: $141.64/$168.86
Notes: As with all these earnings plays, look to cover at 50% max profit for the setup and redeploy the buying power elsewhere.
Head n Shoulders Top Is calling precaution tooThia confirmed head and shoulders' top end of last year still remains valid and don't expect price freely to fall straight the measured downside price target but still current bearish momentum indeed has a good reason to sell any strength that you may see towards $172 at best $182 but sometime this year we will see MDSTO. Go www.2waytrading.com this only will help if you are short from previous call
$151.5 Good entry level if that is given next few sessionsUsing tight stop this entry would be a good and relatively safe entry with target price $182 zone. Real-time alerts www.2waytrading.com
Goldman Sachs, Apple & Russell 2000 H & S Patterns!GS, AAPL and Smallcaps have formed MAJOR reversal patterns. Bulls better act quick before stops are triggered and margin calls occur. SCARY CHARTS!!
Possible Head & Shoulders breakoutLooks like our favorite investment bank may be have even more of a down swing in store. This head and shoulders pattern looks pretty well defined. The current candle however is sitting on a support level around 170 but if that is breached then 150-152 may be in store. as the next stop.
GS(Daily). At neckline of potential H&S pattern.GS forming a potential Head and shoulders pattern, price at neckline, weekly S/R, OBV at support.
Breaking of neckline convincingly, and staying below, would confirm the pattern.
$GS Weekly toying with H&S NecklineWatch in the coming weeks if it can negate the H&S pattern, if not it has a long ride down ahead of it.
DOW JONES OVERVIEW: GOLDMAN TRADES FLATGoldman Sachs trades laterally on both long term and short term basis.
On long term basis price has recently failed uptrend borders, marked by upper 1st standard deviations from 10 and 5-year means - thus entering lateral territory within the 1st standard deviations.
On short term basis price has failed to enter a downtrend on 1-year basis by holding within 1st standard deviation from 1-year mean. GS however is still on risk of fall on quarterly basis (price trading below 1st standard deviation from quarterly mean)
Thus if GS holds above 180 - which is the lower 1st standard deviation from 1-year mean, it is likely to hold its new lateral range (180-201) with the upper border marked by the upper 1st standard deviation from 10-year mean
Textbook bounce off the 200'sSix month uptrend still intact, some bounces off the 200 wma
1D 200ma never touched.
Yesterdays candle is a nice bullish pinbar @ 200 wma
Price tried to reach the 200 ma but the buying pressure kept it on green (with good volume as well)
Two profit target with a fixed price trailing stop plan.
Slowing downWe had a test and fail of the 202s
Momo is weakening
Supports are 197 and 193
I highly doubt it reaches for the top of the channel.
Strategy is setting alerts at 200.50 or running sell stops
This trade would all come together nicely if TLT got some bids
GS(H4). Triple Top , WW potential.GS(H4). Triple Top , WW potential.
Potential WW 5,5',5''.
OBV at resistance, slight bearish divergence.
HV at support.
RSI reaching highs for this time_frame.
Price 200.
Earnings due, 16/4. Previous Earnings cycle, double bottom reversal.
Short(IF), on entry-break of Wedge, on the downside, below point 3.
Upside brake_out, weak HS pattern(second shoulder).
First Target at point 4.
Second running to 1-4 Line.
