Goldman Sachs - Market Overview

The market keeps a bearish trend . After bouncing from a support zone between 160.00 and 150.00 levels, the price moved upward to SMA100. We can see two attempts for breaking this line, but they were not successful. SMA100 and 200.00 resistance make a barrier for further upward movement, and we should expect for the reversal from this zone.

If price bounces from this resistance and drops below the local uptrend line, it will be a signal confirming further falling and continuation of the bearish trend . The breakout can be used for opening short trades with stops above 200.00 and profit targets at 160.00 level.

If the price can move above 200.00 level, we will get a trend reversal confirmation and buy opportunity based on this signal. But the upward movement can be limited by the main downtrend line. Breaking above the main trend line will give one more confirmation for the trend reversal. From that moment it will be possible to search for buy opportunities based on breakout and reversal signals. The market will be ready to start a new bullish trend .
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Thx Dmi, 200 level is a huge resistance as we can see

we just need to be careful about fake breakouts, 2 daily candles already closed above but then the stock went back down again,

maybe for this one it'd be a better and conservative trade to wait further confirmation after the breakout above 200 IMO of course =)

have a gread day!
+1 Reply
DLavrov MarcelMartins
@MarcelMartins, you are right and I agree with you about 200.00 level! Fake breakouts can be and that's why I would like to get the prie movement above the downtred line. It will be additional signal confiming the upward movement. And may be we will see also the price reversal from 200.00 level but acting as a support level. It will make buying more reliable.

Thanks for your comment! Have a nice day too)
+1 Reply
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