Goldman’s Overlapping Bullish Targets
- Posted by Greg Harmon
- on March 18th, 2013
Goldman Sachs, $GS, moved onto the radar in January and has pretty much stalled shortly afterwards. But those bankers might be looking for their sunglasses because their future is starting to look bright again. The chart below shows the previously mentioned Bearish Crab with a target between 169 and 173. There are two things to note from the recent consolidation. First, it does nothing to negate the Crab. Second it gives rise to a second target, a little bit higher at 183, developed from a different methodology. The breakout of the current Symmetrical Triangle has a target of 169.50, right in the middle of the Crab reversal zone but the Measured Move comparable
Goldman Sachs, $GS
to the one that took the stock from 117 to 150 gives the higher 183 target. The stock got hit today from the news in Cyprus, or the stress tests results or whatever. But the Relative Strength Index (RSI ) has remained in bullish territory and the Moving Average Convergence Divergence indicator (MACD) is starting to flatten. Watch the MACD for the signs of reversal and a movement higher. The accumulation/distribution at the bottom shows that the stock is still being bought. Trigger for the move higher is a break of the triangle over 157.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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