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Wednesday, March 18, 2009
Can Goldman Sachs Break 100?
Goldman Sachs is about $1 away from breaking $100. This stock has attempted to break $100 at least 4 times in the past 3 months, but has been unsuccessful every time. My prediction is that if GS does break through 100, we could see a rally up to the next resistance which is about 120. The chart below shows this the current level of GS is far above both the 10 (green line) and 50 (blue line) day moving averages, but the 200 day moving average (turquoise line) is about 120. Look how many times GS has tried to get to 100 and break above, I can count 4 within 5 points, and 6 altogether within 10 points. If GS does not break through 100 we could see it back at the 50 day moving average quite easily, especially if this market rally fades.
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4 comments:
is there a specific website you go to for 10, 50 and 200 day moving averages?
No I just use the charts and use 10,50, and 200 day moving averages.
what are your thoughts on gs coming back down to 100 today? do you think it will gain support here, or continue downward?
It is not a good sign, but if we can get help from the market we could see it rally up to 115-120 range. It needs to hold above 100 with Friday's ugly unemployment number coming out- that would be a great sign!
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