GS bear flag/triangleI like Short idea in Goldman Sachs (GS) here:
1) while the Dow and S&P have been trading nea rhighs I have seen a lot of divergences in the market. Weakness not only in tech but the banks also been an area of major concern. New regulation seems to have affected aspects of their business, and the future isn't looking as bright for the industry.
2) Bear flag. The stock borke down sharply in early April, and basically formed a bear flag/triangle type pattern. This pattern looks like it could resolve to downside for another move lower.
Yeasterday, it was trying to fil the gap area but closed off the lows, reasonable price for SHORT ENTRY here, next resistance zone from $160 to $162. I am looking for move to $152-$154 (TARGET) support area and potential break down if market will show us some weakness. I will ADD if it will go through lows.
