By: Scott Redler
Back in January I outlined a bearish head and shoulders pattern in GS with a target of 135. That original target has been met. Goldman is now trapped in a downtrend and is trying to break out of it.
I would look to buy small GS in the 143 area. We must see a 60-minute close above that area to get any sort of conviction. If that takes place we can see a nice swing long back to the 147-150 range, then perhaps higher.
The stock needs volume to trigger this trade. If this were to take place, I think you get a secondary trade with JPM with a trigger buy in the 39.35-39.50 zone.
