Goldman Sachs Grp (NYSE: GS) Tests Support Says Market Timer Frank Kollar
August 13, 2008 (FinancialWire) (By Frank Kollar)
Shares of Goldman Sachs Grp (NYSE: GS) responded to negative comments from several high-level bank analysts by shedding 3.5% on Tuesday and this decline places the stock right at critical support.
Tuesday’s August 12 close at $167.30 is only a fraction above support at $166.68. If support fails in coming days, Goldman Sachs will likely go down and test the July closing correction lows at $157.80.
A reversal from current levels would probably result in a short-term jump to the $188.00 level, but considering Goldman Sachs’ reaction to Tuesday’s news, lower lows are the most likely path in coming days.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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