I see a gap up, followed by an bullish engulfing pattern. What you see?
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what are your technical views on GS?
I see a gap up, followed by an bullish engulfing pattern. What you see?
Looks good to me. It's moving upwards based on the graph and moving above the 5 and 10 day ma. It's probably due for a correction at some point here soon, but the chart looks good. Me personally, I wouldn't get long at this point as a lot of of the upward movement looks to be already made.
Looks good to me. It's moving upwards based on the graph and moving above the 5 and 10 day ma. It's probably due for a correction at some point here soon, but the chart looks good. Me personally, I wouldn't get long at this point as a lot of of the upward movement looks to be already made.
Looking at the GS daily I do see a bullish engulfing candle friday as well as a break above trend, and out of channel, and a move above the 200sma for the first time since may '08. OBV and ADX D+ D- indicate the trend is persistent in this time frame. Stochastics don't provide much in this timeframe with a bullish cross between the lines being of limited value. Volume is right on the 89ma and not significantly below the 20ma.
Since it's a good idea to look at different timeframes to confirm trends lets see what the weekly looks like.
I drew in a long termtrend line which in this timeframe is still downward, but we are coming to a meeting of the two trends. Should we cross over the longer term line at 129 I'd expect a run to the next resistance. The 50sma is at 126 on the weekly so expect significant resistance there should we approach it anytime soon. Since the trend and 50sma are potentially going to be the same this would be a significant breakthrough in my opinion. Additional resistance at 143 is pretty long term and a long way off. OBV began an upward deflection which is bullish, but it is still well below where we would like to see it. ADX D+ D- shows the down trend weakening in this timeframe but we still need to see that cross of the trendline to say the trend is reversed. Again stochastics not much help but leaning towards overbought after a bullish cross too close to the upper line to be counted on. Volume in this timeframe is well above the 89ma which is supportive of the shorter term trend.
