12.5.17 | GS | Day | Andrew Aponas
Journal Entry: It looks like price is making it's second attempt to break through a historical price ceiling. However the last two tests of this price ceiling have happened within a short time period of each other relative to this stocks behavior (I will include the detail below). This is an indication that price is getting ready to break through this price ceiling and begin a new rally to set all time highs, meaning this stock will begin to trade for high's it has never seen before. Over the past 6 months price has been trading in a sideways moving channel directly below this price ceiling, and has just recently began it's breakout to test it again. Moving through the ceiling is another major price level to break, a monthly supply line. A close above the supply line and price ceiling is going to be a strong indication that this stock is going to rally without looking back. I have my first target set at $260.30 drawn as an orange line with a blue target. Price right now may be forming a potential/possible bullish flag, which is validated by the declining volume and anomalies over the past three trading sessions. So far there has been only a few odd balls in the group of financials; GS is one and JPM is another. I think once these stocks show clear indication of a rally, the rest will have less resistance to trade to a higher level. Thank You, God Bless.
Indicators:
MACD has just made a major pivot below the 0 line and is still very bullish with wide spacing in the lines and bot still angled upwards. A bullish continuation in the histogram will be another strong indication of a bullish continuation.
OBV I will display the detail in an updated image below please see the detail for the narrative.
Indicators:
MACD has just made a major pivot below the 0 line and is still very bullish with wide spacing in the lines and bot still angled upwards. A bullish continuation in the histogram will be another strong indication of a bullish continuation.
OBV I will display the detail in an updated image below please see the detail for the narrative.
Comment:
Comment:
OBV has been moving in a sideways channel and is currently at a common pivot point, I believe if the line plots above the signal line drawn in orange it will indicate a continuation and a breakout from the sideways moving channel. I am watching for a bullish reversal in the OBV plot today and preferably by the latest tom. because I would like to see a smaller pullback then it has made historically, although if it does plot a longer pullback then what I am hoping I don't think it rules out the possibility of a bullish reversal and continuation to breakout of the channel.
Comment:
Comment:
I took a picture of the monthly chart of GS, I have not drawn in any of the points because it's easy to see what I am talking about. This ceiling was made in 2009 and has not been tested again until this year. In 2017 price has tested the ceiling twice and over the past few months has consolidated directly below it indicating strength and strong market pressure willing to take price to a higher level.