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Goldman Sachs (GS) Signals Furthermore Correction Under the 200-day SMA

In April, we saw Goldman Sachs $GS rally and attack a key resistance at $210. At the time, this level involved both a falling resistance trendline and the 200-day simple moving average (SMA). After seeing it hold above $200, I entered a small position at $202. However, price action in May disappointed and price fell below $200. I am not out of that position with a loss at $192. 

After this week's price action so far, I think GS stil has more downside to the early-June low of $180 and possibly lower.

GS Daily Chart

(click to enlarge)

Bearish Breakout and Confirmation:
- The daily chart shows price trading under the 200-day simple moving average (SMA), a sign that bears are in charge of this market.
- After breaking a key support around $190, price held above $180 at the start of June and rebounded.
- After this rally, price failed to reach $200. This week, the 3-day price action reflects bearish sentiment.
- It looks like the market is confirming further downside opened up by the recent break below $190. 
- Now a return below $190 again will likely put pressure on the $180 area again with potential of falling lower.
At the Crossroad:
- On the weekly chart, we can see that price is still holding above a rising channel, but the 2018-2019 decline has been sharp.
- Will the more recent bearish price action overtake the secular bull trend?
- I think there is indeed a strong possibility that price will fall towards $140 if price falls below $180.
- IF price falls below $180, I won't be considering exposure to GS until price falls to $150 or even better, $140. 

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