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Goldman Sachs: Green Shoots, or Get Short?


We could be looking at the mother of all tells.


Editor's Note: The following was posted in real time on our premium Buzz & Banter (click for a free trial). It's being shared here for the benefit of the Minyanville community.

Is Goldman Sachs (GS) green shoots, or get short?

Yesterday I mentioned that GS had traced out a -1,+2 sell set-up, which could coincide with a right shoulder of an H&S pattern.

A weekly chart of GS shows that last week left a long tail into the body of the 2008 breakdown, which should mean beaucoup resistance.

Noteworthy too is that GS invaded the body of that resistance upon revisiting the scene of the crime, rather than stopping right at the outskirts of the prior breakaway. In so doing, it tagged the 200-week moving average.

I will look to short a bounce of GS intraday today, ideally 50% of the day's range, that tags the declining 50-period moving average on the 10-minute chart.

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