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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
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  • Goldman Sachs (NYSE: GS) Nearing Test Of Resistance 0 comments
    Jan 30, 2013 2:42 PM | about stocks: GS

    January 31, 2013 (by Frank Kollar)

    Shares of Goldman Sachs (NYSE: GS) continue to rally with new highs being reached almost daily since early December 2012.

    At the time this analysis was written, just before the close, GS was trading at $147.17 a share.

    The Goldman Sachs Group, Inc. provides investment banking, securities, and investment management services, as well as a range of financial services to corporations, financial institutions, governments and high-net-worth individuals worldwide.

    GS is approaching both a short term resistance level as well as a long term resistance level.

    Short term resistance is at $152.30 and long term (based on 13 months) is at $151.83. The closeness of these two levels adds to the odds that there will be at minimum short-term profit taking or the potential of a correction beginning near these levels.

    Chart Courtesy of StockCharts.com

    We would tighten stops as GS closes in on the $152 range. Of course a decisive close above $152 could be signaling a continued run to the $170 level, the January 2011 highs. So do not exit this stock unless a correction is signaled.

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

    Disclosure: I am long GS.

    Stocks: GS
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