Since the March, GS has rallied in the first half of each month and sold off in the second half of each month. Now it has broken its short-term downtrend and it could be time to buy. I would use $220 for a stop out because that has been the recent low. I would sell it when it breaks the uptrend...which I assume will be sometime during the middle of the month.
Trade closed: target reached
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So GS is now trading around $230. Once again it rallied in the first half of the month. It is very interesting how this thing has traded like clock work since March...fist half of month up, second half of month down. It very unusual and I will continue to follow it.
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Ended up selling at $230 is at $236 today...my biggest weakness in trading is selling my winners too soon...and I did it again here....ughh...
I agree. Im being a little more generous with my stop though. Plotted the falling wedge and hoping to see a bounce off support. Anything below that, im out.