Goldman Sachs (GS) : Watch the Kumo Resistance

With the broader market having a selloff on Hungary’s economic woes and the poor job data from the US, GS manage to have a little rally that sees it rise to 145.80.

The little rally is fuel in part by speculation that it is going to settle with SEC.

On the Ichimoku Daily Chart, we can see huge kumo resistance ahead of GS at $145.

I believe, at this moment, we can see the kumo resistance all the way till July.

On the 5min chart, GS at this moment, has break the kumo support. If it fails to go above the kumo by end of day, there is a chance that the speculation of GS settlement is shortlived and the longer prospect of its revenue growth is affected. After all, GS has lost AIG as a client. And we are not sure if there are more companies that is moving away from doing business with GS because of its reputation.

By iam802

Trend trading with Ichimoku