This is a situation where a Volume Profile tool would be invaluable. I suspect current price is pretty much at the POC (Point of Control). In which case it would probably take some work to break through (unless it just charges through like knife thru butter in next few days).
Don't know if you can see this: tradingview.com/chart/9K1Vx98V/ but using my chart setup featuring Ichimoku Clouds, in this timeframe you have descending bearish clouds which have not yet turned around, with current swing being high above them. Which means I agree that probably will go back down to yr Basis 234 level and this could prove a great buy area. If it holds more or less around there and then starts swinging up, then next stop is almost certainly current swing high level (240 ish) and then if breaks through, next up is to challenge 250 which, acc. to monthly chart, is all-time high territory and therefore quite possibly a serious runup after breaking through what will be a long-term double-bottom / almost cup formation with target of about 400.
Devise2Day
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@CaperAsh, "... probably will go back down to yr Basis 234 level and this could prove a great buy area. If it holds ..." that`s it! With my post i only wanted to express this! :peace: A fall under 230.57 and much more could be something like a wholesome cold shower for all afraid bulls and hot bears - even as you said a good buying oppurtunity. Only prices under 210$ are suggesting me a superordinate bearish picture for GS. And from this point of view, it`s only a quest of time when we`re trading GS 250$ and higher! February? March? I don`t know. But i am excepting while 2nd Quarter`17 surely :)
Best regards!
Aaron
UnknownUnicorn292837
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Aaron, this one certainly has a long bias - I agree with your analysis. I think some extensive period of consolidation might follow though. Overall I like the format of your presentation - very good choice of tools imo. Thanks for sharing.
Devise2Day
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@FoggyLights, GS is since 12/08/2016 closed 241.45 de facto in a side way trend! And this 2 fully months. The sentiment is surely bullish - even like as you`re describing "this one certainly has a long bias ..." but de facto we´re in GS in a sideway trend. And from this point of view is this a divergence (bullish sentiment vs. flat price action - if you want)! Who will loose their nerves at first? The GS bulls after a monthly negative candlestick? Or even the bears? And don`t udnerstand me wrong about GS! I am not bullish on this share! I am pretty kosher optimistic - even `cause the divergence! It`s a phenomen like USD. By the way the USD has the worst development of all 7 majors in 2017! And everybody is screaming on TV - the USD is too high is too expensiv - too bullish! Maybe we`ll see the 2nd upside trend of the US Banks and even US Dollar after trump election, while next few days and weeks - much more because the FED (june & back2school season) and rate hikes - even not only because trumps policy.
Have a great time! And thank you very much for the verbal flowers :peace:
Best regards!
Aaron
BGLion
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Hi Aaron, Im not trading stocks, but the chart tells me it could reverse on 244 area and go back to test 230. Just my 2 cents :) GL
Devise2Day
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@trading4fun, the big picture suggest an impact potential until 210$. GAP after 1st consolidation, after Trump election night.
How ever,
i am personally not believing to see 230 anymore or even 226 (new yearly 2017 lows) after this little selloff, last trading days of last week before. And if you`re pressing the button (to see the development of this week) you can see the market participants traded GS with an downside GAP again. And that`s suggest me, the market price wanna get up.
If 240.76 holds next week - bulls need to take over 243.36 & 244.27 again. `Cause after both prices only 2017 yearly high with 247.77 is ahead.
Thanks for for your public comment :agree:
Best regards!
Aaron
Don't know if you can see this: tradingview.com/chart/9K1Vx98V/ but using my chart setup featuring Ichimoku Clouds, in this timeframe you have descending bearish clouds which have not yet turned around, with current swing being high above them. Which means I agree that probably will go back down to yr Basis 234 level and this could prove a great buy area. If it holds more or less around there and then starts swinging up, then next stop is almost certainly current swing high level (240 ish) and then if breaks through, next up is to challenge 250 which, acc. to monthly chart, is all-time high territory and therefore quite possibly a serious runup after breaking through what will be a long-term double-bottom / almost cup formation with target of about 400.