GS is just above the 20 week MA and all volume indicators are moving up.If it can get above the current FIB. resistance, the next target is around $119 (next FIB. level.
It appears to me that GS is running up into heavy resistance from the mountain of sellers over the $110 level and into the GAP supply zone where GS slid from 108 to 102 on aggressive selling this spring.
The rally appears to be forming a persuasive-pattern where plenty of new highs and smaller reactions creates the illusion of plenty of strength. The strength is...
The mood created by this pattern is one normally associated with euphoria. Each sharp break leads to a new high and each sharp break is a little less than the previous. The net result is that the buyers have pushed the stock up to an unsustainable price that once it stops, it trips stops and then triggers a sharp decline to the bottom of the triangle formation. ...
GS is coming off of support at 88. Stochastic is giving a buy signal. Expect the share price to accelerate towards the 50 DMA. Price will probably break the 50 DMA and head towards 116, completing a W pattern.
