By yesterday’s close, Goldman Sachs suffered its worst session of the year due to softer earnings and a profit-miss. Closing just below $200 and back within range, it appears to be the victim of a fakeout and bears could be looking to target the lows around 186.
Technically there are two scenario’s we’re monitoring; how it trades within the range, having produced a fakeout on Friday and its potential to break beneath it. Given we saw an island gap reversal occur near the 200-day eMA, a level which has scuppered most rallies this past year, its plausible we’ve seen a top. Over the near-term however, the bias remains bearish whilst it trades back within its range.
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