NFTRH+ Trade Setup; Vampire Squid

It may seem out of character for me, but NFTRH+ is a charting function not an idealist.  Goldman Sachs has sneaked above the MA 50’s and broken above a pattern neckline.  The pattern measures to just above 200.

gs daily chart

As with many charts these days, the weekly looks less bullish.  This goes well with the idea that the markets are just on a relief bounce (until proven otherwise).  But what a bounce it is.  Indeed, it looks like GS could bounce and then have the potential to form a bearish right shoulder into a new market decline that could be brewing a few weeks or couple months out on the horizon.

gs weekly chart

Buy Target:  185-188

Sell Target:  200-202

Stop Loss:  Below 183 to suit risk tolerance

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.