GS - Earnings beats estimates, will it break double bottom?

Goldman has topped earnings expectations. CEO             Lloyd Blankfein said the firm did well across all of its businesses, despite the uncertainty created by Britain's vote to leave the European Union.

Results highlight

Earnings per share of $3.72 and Revenue of $7.932 billion. Analysts were expecting earnings of $3 a share on revenue of $7.581 billion, according to a Thomson Reuters             consensus.

Thoughts on share price

The stock is down 9% this year. What this means is despite recent sharp recovery from June 27 low, there exists a potential for further upside in the pair. Upbeat quarterly results may just be the catalyst for further upside. However, note the strong results may have been priced-in by the markets and if so we could see 'sell the fact' trade.

Double bottom on daily chart

Double bottom neckline stands at 168.90. Monday's closing is 163.33. The recent rally from June low has seen three gap up openings. The third one is usually the sign that 'dumb' money has entered. The larger falling trend line resistance is seen around 167.50.

Unless we do not see a daily closing above double bottom neckline, it is advisable to stay on the sidelines. On the other hand, a failure to take out falling trend line over next couple of weeks despite strong quarterly results could yield a fresh drop towards 140 levels.

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