Seeking Alpha

TimerFrank's  Instablog

TimerFrank
Send Message
Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
My blog:
Market Timing Pro
  • Goldman Sachs Group (NYSE: GS) Reverses Off Support  0 comments
    Oct 2, 2012 2:53 PM | about stocks: GS

    October 3, 2012 (By Frank Kollar)

    Goldman Sachs Group (NYSE: GS) appears to have weathered eight days of selling by holding at support and now rallying in a declining stock market.

    We have drawn a steep rising trend support line on the below chart and the correction lows reached five trading days ago reversed right off that line.

    We should now see Goldman run for the prior highs at about $121 a share reached mid-September.

    If that level is surpassed, look for continued new highs up to the $128 level where very strong resistance will be met.


    Chart Courtesy of StockCharts.com

    Goldman should perform well as the stock market sorts out the new QE3 and factors that into the coming months.

    The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Goldman Sachs.

    Disclosure: I am long GS.

Back To TimerFrank's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.