{"id":10254,"date":"2012-03-01T21:30:01","date_gmt":"2012-03-02T02:30:01","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=10254"},"modified":"2012-03-01T21:30:01","modified_gmt":"2012-03-02T02:30:01","slug":"goldman-sachs-confirms-breakout","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2012\/03\/01\/goldman-sachs-confirms-breakout\/","title":{"rendered":"Chart Review: Breakout Confirmed for Goldman Sachs"},"content":{"rendered":"<p>Every now and then I see a chart that undermines <a href=\"http:\/\/drduru.com\/onetwentytwo\/2012\/02\/29\/t2108-update-120229\/\" target=\"_blank\">my expectation for an imminent pullback in the general market<\/a>. This time, Goldman Sachs (GS) delivered the reluctant surprise. Today, the stock surged 5.2% to fresh 6-month highs.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_10255\" aria-describedby=\"caption-attachment-10255\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/03\/120301_GS.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/03\/120301_GS.png\" alt=\"Goldman Sachs confirms its break out\" title=\"Goldman Sachs confirms its break out\" width=\"500\" height=\"350\" class=\"size-full wp-image-10255\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/03\/120301_GS.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/03\/120301_GS-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-10255\" class=\"wp-caption-text\">Goldman Sachs confirms its break out<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>This is what I had to say about GS <a href=\"http:\/\/drduru.com\/onetwentytwo\/2012\/01\/28\/chart-review-recoveries-resistance-breakouts\/\" target=\"_blank\">in late January during a comprehensive chart review &#8220;bonanza&#8221;<\/a>:<\/p>\n<blockquote><p>&#8220;Next to Intel, GS delivers one of the more surprising charts of the bunch. GS has somehow managed to pull off a rare triple bottom. This third breakout above the 50DMA decisively breaks a downtrend that has been in place since the beginning of 2011. Overhead resistance at the 200DMA should be tough to break, but I believe that GS has finally punched out a bottom. Perhaps just in time too: the support that held marks price levels last seen in March, 2009 (GS made a bottom in the financial panic in the Fall of 2008 and was a leading indicator of a decisive bottom in the stock market as a whole).&#8221;<\/p><\/blockquote>\n<p>The 200DMA indeed delivered tough resistance. GS followed its 200DMA downward for about two weeks before rifting away from it for another two weeks. Today&#8217;s surge provides separation from the consolidation and suggests that a fresh rally is underway for GS. The breakout for GS is confirmed.<\/p>\n<p>With the 50DMA rising rapidly, and the 200DMA likely to provide firm support, Goldman Sachs has officially become a candidate stock for the &#8220;buy on the dips&#8221; list.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long GS<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every now and then I see a chart that undermines my expectation for an imminent pullback in the general market. This time, Goldman Sachs (GS) delivered the reluctant surprise. Today, the stock surged 5.2% to fresh 6-month highs. Source: FreeStockCharts.com This is what I had to say about GS in late January during a comprehensive &#8230; <a title=\"Chart Review: Breakout Confirmed for Goldman Sachs\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/03\/01\/goldman-sachs-confirms-breakout\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[482,548,62],"tags":[207,208,1597],"class_list":["post-10254","post","type-post","status-publish","format-standard","hentry","category-breakout","category-financials","category-technical-analysis","tag-goldman-sachs","tag-gs","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart Review: Breakout Confirmed for Goldman Sachs - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/03\/01\/goldman-sachs-confirms-breakout\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Breakout Confirmed for Goldman Sachs - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Every now and then I see a chart that undermines my expectation for an imminent pullback in the general market. 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