This stock had its recovery higher after the bottom in February, we need to see a bullish close above 168.53 for any further advance. If you look at XLF ( thank you KDLANG ) and other bank stocks, then it appears as if there is NOT YET a truly bullish conviction behind those recovery moves. But any real market strength would have to include the financials....
Negative sloping ema50 and ema200; bearish. Temporary local bottom in February. Likely candidate for a few more multibottom attempts before bulls swing ema50 and ema200 to marginally positive slopes. Do not forget about the prior resistance above.
Goldman continues to show signs of distribution an addition to trading with a descending channel. Prices recently created a spring that is capable of pushing prices into "overbought" ranges relative to the trading channel. If buying volume remains contracted into resistance it is likely going to provide a low risk short Good Luck!
Breakdown of Bear Flag + Head n Shoulders $GS $JPM $MS $BAC
The recent rally may have over-extended a bit above resistance levels. However, I don't think these levels will now become support. RSI reached 100 and is now on a downtrend. I would probably short or stay neutral. Oil's/SPX500 recent rise have been a result of oil freeze talks instead of fundamentals. It could be another fake out. I agree with Goldman's take...
Goldman appears to have relatively recently confirmed completion of a head and shoulders tops. The head and shoulders are marked by short horizontal blue lines, and the neckline forms at about 172. Volume during this time period appears to support the formation, as does the attempted rally (around January 29th) on the initial steep decline below neckline...
CNBC has loved to refer the recent pullback in the SPX as the "Dimon Bottom" because CEO Jamie Dimon purchased roughly $26 million worth of JPM shares. However, it's not looking for those wanting to hold to believe in the recovery dream. Whether investors want to believe it or not, the U.S. economic cycle is rolling over; and, considering the very high...
Interesting pattern. I see it. We will find out what transpires.
GS announces earnings on Wednesday before open, so look to put on this play before Tuesday market close. Here are the plays: Jan 29 142/170 short strangle Probability of Profit %: 76% Max Profit: $180/contract Buying Power Effect: ~$1749 Break Evens: 140.20/171.80 Jan 29 138/143/167.5/172.5 iron condor Probability of Profit %: 69% Max Profit:...
Next week is literally hopping with potential earnings announcement plays. I've tried to pick out the ones that (1) have > 70% implied volatility rank; (2) offer greater than a 1.00 credit ($100) for the "classic" one standard deviation short strangle setup; (3) have fairly good liquidity with options prices; and (4) offer weeklies, but there are also a few...
Looks like our favorite investment bank may be have even more of a down swing in store. This head and shoulders pattern looks pretty well defined. The current candle however is sitting on a support level around 170 but if that is breached then 150-152 may be in store. as the next stop.
Watch in the coming weeks if it can negate the H&S pattern, if not it has a long ride down ahead of it.
Despite Yesterday's rally in the stock markets, $BAC's Bat pattern wasn't violated as the price remained inside the PRZ, The fact that the price climbed above the Fast SMA line and created a minor uptrend line is a bullish signal but as long as the price remains below the broken major trend line and below X (18.5$) the bearish scenario is still valid. Assuming...
$GS reached the psychological zone of 200$ 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...
I have a love-hate relationship with earnings plays. When they work out, I'm happier than a clam; when they don't, I swear off them, use expletives to describe them, and say that they're a total *?! waste of time. That being said, there are some I just can't pass up, usually because the premium is just too good. In the next couple of weeks, these will be NFLX,...
Bearish retest gap on the daily. Some traders already in.