Charting a Bullish Break into Open Air Goldman Sachs GS

Aug 7, 2017: 2:47 PM CST

Shares of financial giant Goldman Sachs (GS) broke resistance today into a Bullish Zone.

Is this the beginning of a breakout and new bullish swing, or just a mean bull trap in the making?

Let’s pinpoint the level and plan the “departure” trade:

Goldman Sachs GS

Goldman shares stalled and reversed down away from the $250 per share pivot.

From there, price fell toward the 50% Fibonacci Retracement at $210 on a lengthy positive momentum divergence, setting the stage (correctly) for a bounce.

Our bounce took us into the $230 price pivot which held through July.

However, August may give us a breakout through $232 into the green “Open Air” (no resistance) pathway back toward the high.

If you’re trading or observing this stock, set your trades in terms of the “Departure” away from $230 and $232 – $250 on a bullish pathway and back toward $220 on a bearish pathway (a bull trap triggers beneath $230).

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Corey Rosenbloom, CMT

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