Goldman has been trying to work out of the funk that it landed in during the January selloff. It saw a nice earnings pop. Each number on the chart corresponds with a number here
1. First attempt to breakout into new highs and hold price above the 200 day MA
2. After another month or so of consolidation there is another, stronger, push to break to 200 day MA. Also unsuccessful.
3. Price then breaks the 50 day MA and then retest. If there was any buyers left waiting to push above the 200 day then the 50 day should've been easy to break.
4. New lows to fill the gap from the earnings gap in Jan
5. Right now we are attempting to test the 50 day again, and its not looking good. The last 6 days have all tested the 50 day with today, I believe, being the last attempt. Price was rejected and there is a pretty substantial wick to the downside.
I'll go short tomorrow morning with a stop above the 50 day MA and I'll turn my position full size once the price drops below the lowest point of today's candle.
1. First attempt to breakout into new highs and hold price above the 200 day MA
2. After another month or so of consolidation there is another, stronger, push to break to 200 day MA. Also unsuccessful.
3. Price then breaks the 50 day MA and then retest. If there was any buyers left waiting to push above the 200 day then the 50 day should've been easy to break.
4. New lows to fill the gap from the earnings gap in Jan
5. Right now we are attempting to test the 50 day again, and its not looking good. The last 6 days have all tested the 50 day with today, I believe, being the last attempt. Price was rejected and there is a pretty substantial wick to the downside.
I'll go short tomorrow morning with a stop above the 50 day MA and I'll turn my position full size once the price drops below the lowest point of today's candle.
Comment:
Never took a short position because we opened above the 50 day. Looks like I published this chart a day early. Now if we can hold a close above the 200 day that'd be great.