Morgan was able to capitalize on this Symmetrical Triangle breakout that we discussed last week, and rally back toward the neckline of the broken H&S Top in the daily chart,
As the chart stands, the rally ended shy of the neckline, at Data Point #4 (in blue) of a Bear Flag, which was broken at 28.60 in yesterday's trading. The close was 28.51, so the Bear Flag also was broken on a closing basis, which puts targets of 27.12 IN PLAY (the low at Blue #3), and 26.13 IN PLAY (the low of the flag, at Blue #1). Additionally, the H&S Top target of 25.27 still is IN PLAY.
The slope of the bottom of the Bear Flag is 0.496, so it will come in today, July 1, at 30.101 if there's a retest of the Bear Flag breakdown.
EDIT 8:37AM - Oops! The bottom of the Bear Flag comes in today at 29.101, not 30.101. 28.605 + 0.496 (slope) = 29.101. Sorry about that.
4 comments:
Melf,
I've made a 2 week hour chart of GS. I see a bearish wedge breakdown that was retested and a break through of validated support. I think it retests recent lows in the 130's. what do you think?
http://img32.imageshack.us/img32/6528/gs2weekhourchart.png
Good Morning, Kevin,
I got "Image Not Found" when I clicked on your link. The targets for Goldman that we discussed in mid-June still are IN PLAY.
Melf,
my apologies. i thought it was working when i posted it. you're proving yourself right about goldman, it just doesn't want to die. very stubborn...
Kevin,
That was my exact thought yesterday, when I saw Goldman trading in the green: "Man, this thing STUBBORNLY refuses to die!" LOL.
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