Make or Break Support Bounce in Goldman Sachs GS
With the Brexit chaos, shares of Goldman Sachs (GS) plunged to a critical support level and are now bouncing up away from that essential pivot.
Let’s pinpoint this level and note the price pathways to trade into the near-term future.
Our clear pivot-price level is the $140.00 per share support. Note the yellow highlight above.
We saw a reversal up away from this level in mid-2013 and early 2016 and now it appears that we’re seeing a similar reversal up away from the $140 pivot price.
The weekly chart highlights $155.00 as an initial upside target or even $165.00 as a higher target.
Keep the weekly chart target levels (moving averages) in mind as you view the Daily Chart:
Like February, we’re seeing a positive momentum divergence ahead of another snap-rally up away from $140.00.
The Daily Chart gives us additional insight and trade planning; the weekly chart gives us the trend and bigger targets.
Right now, we’re focusing on the $150.00 target level.
A bullish breakout pathway opens above $152.50 toward $165.00.
Otherwise another retracement down could trigger on a sudden movement down away from $150.00.
Note these key pivot levels and plan your swing or intraday trades on the departure from these pivots.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
We have seen market stabilizing over the next few weeks after PM been declared, but still there is plenty of room from where we can work with. I believe we will still see plenty of pushing happening over these things and that’s where we got to be really good and make sure we gain plenty. I never worry about anything especially to do with OctaFX broker where they have epic daily market news and analysis service, it’s simple to follow yet highly effective.