By: Scott Redler
We trade Goldman Sachs (GS) all the time…so long as we see compelling patterns. GS has had some nasty headlines to deal with of late, but the company still makes tons of money.
The BOTTOM LINE IS: the stock pulled in from resistance–the $178-180 area–and had a decent retracement. That is VERY HEALTHY action. The stock was in my Morning Gameplan as a long above $172. Today it triggered. Next, the stock should clear its descending channel resistance around the $174-175 area. If we get a hold above the channel, we should see $178-180 and most likely, even higher prices.
This looks like the right play at the right time!
I hope you all scored nicely with the casinos, now it’s time to put some of those gains to work!
