Structure analysis and potential short term bearish setup
$GS reached the psychological zone of 200$ again. A 61.8 Fib retracement since its October's low.
The strong volume with the Gap up, suggests $GS won't stop at 200$ and may attempt to reach the next resistance zone - 205$.
The critical structure zones are - 200$ (currently resistance), 205$ (resistance), 193$ (support), 188-190$ (support - Head & Shoulders neck line)
What I'm looking for now is a potential pullback trade towards 192$ (closing the gap) and 188$.
Before jumping into a bearish trade, you need to see some signs of weakness. Daily/Intra-Day reversal pattern may create the trigger for the bearish entry.
Price must remain below 200$ (or return back to close below it) for this scenario to work.
See R/R for potential targets in the chart:
Tomer, The MarketZone
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The strong volume with the Gap up, suggests $GS won't stop at 200$ and may attempt to reach the next resistance zone - 205$.
The critical structure zones are - 200$ (currently resistance), 205$ (resistance), 193$ (support), 188-190$ (support - Head & Shoulders neck line)
What I'm looking for now is a potential pullback trade towards 192$ (closing the gap) and 188$.
Before jumping into a bearish trade, you need to see some signs of weakness. Daily/Intra-Day reversal pattern may create the trigger for the bearish entry.
Price must remain below 200$ (or return back to close below it) for this scenario to work.
See R/R for potential targets in the chart:
Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - goo.gl/R3gPVE
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT