Charting: Goldman Sachs

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By John Lee on October 5, 2008 | More Posts By John Lee | Author's Website

Goldman Sachs (GS) is in a holding pattern, forming a symmetrical triangle. The characteristic of this type of triangle is that a breakout of breakdown can happen on even 50/50 odds. The result, breakout or breakdown, will be the continuation of the direction of that move. High-risk traders can take a gamble and get in now an hope that they’re right, but I prefer to wait for the definite move and trade the result which is a more low-risk trade.

The green lines indicate the nearest support and resistance areas to guide you to where GS will eventually head to.

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