GS – Goldman Sachs (Last:140.39)

Goldman swam strongly against the current yesterday, only to reverse sharply in the second half of the session and give up its gains, plus a little. The selloff did nothing to harm the larger uptrend, since it created bearish impulse legs only on the lesser intraday charts.  The most recent of them pointed to a Hidden Pivot at 138.75 provided its midpoint sibling at 140.32 fails. As of 12:30 a.m. the stock had gone just a penny below that threshold, but if a breakdown ensues and GS falls to the lower number, I’ll recommend buying 100 shares with a 138.77 bid, stop 138.66. The trade will remain viable as long as 141.90 isn’t exceeded first. _______ UPDATE (11:50 a.m.): The little s.o.b. bottomed in an apparent non-place: 139.29; then it  was off an running once again, much as we might have expected. The first tradable impulse leg, though less than impressive, pointed to 144.99, subject to midpoint resistance and possible trend failure at 143.80.

Tagged as: Forecast, Goldman Sachs, GS