Trade Update: Our Goldman Sachs (GS) Position Hit Our Take Profit Target !
Our October 30 BUY signal on Goldman Sachs at $217 has hit our Take Profit target at $232.0. At this point GS is trading just under the resistance trend line and for that reason we took our profits. Traders still interested in trading GS should hold on for the stock to show if it has the strength to breakout of the long term trading channel. See our chart below for the trade update.
October 30 trade: The world best known Investment Bank, Goldman Sachs (GS), has been trading sideways since February and created a nice price support base at the 190-200 price level. Currently Goldman Sachs (GS) is trading near resistance price level ($220) and current price is at $217. We predict price breakout and a First Price target at $232 level. In the very short term, we might see price continue to consolidate at $214-217 level and we think its a good buying opportunity.