Another great R/R setup here with
GS
. Although there are two candles that broke above the resistance line, they quickly corrected back to the trendline. Today's doji candle is a good sign of the strength of the trendline. The stop will be on the break of this trendline and the first major target is 262 followed by 267. Due to the shortened day as well as New Years low volume, it is possible for this setup to be invalidated rather quickly, so play accordingly.
GS
. Although there are two candles that broke above the resistance line, they quickly corrected back to the trendline. Today's doji candle is a good sign of the strength of the trendline. The stop will be on the break of this trendline and the first major target is 262 followed by 267. Due to the shortened day as well as New Years low volume, it is possible for this setup to be invalidated rather quickly, so play accordingly.