Goldman Sachs Group Inc (GS): Goldman Sachs Group Inc (NYSE:GS) has ri...

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Tuesday, 07/12/2016 2:54:56 PM

Tuesday, July 12, 2016 2:54:56 PM

Goldman Sachs Group Inc (NYSE:GS) has ripped higher for five straight days. Amateur investors are starting to buy in, but smart money is selling. Why? Because the GS chart is near term extended and approaching a major technical chart level known as gap fill. On the chart below you can see this clearly shown.

The potential short trade will only be initiated IF GS hits gap fill at $159.40 in the next two days (by Thursday, July 14th 2016). This is known as a swing trade, meaning you look for a quick sharp pull back over the course of one week, then take profits. The pull back could potentially take you to a target of $149.75. That would be an approximate $10 profit on Goldman Sachs in a week if this trade plays out correctly.

Goldman Sachs is nearing major resistance on the stock chart

Gareth Soloway
InTheMoneyStocks.com