Pre-Market Analysis - GS 6/26

On 23 Jun, I mentioned that for at least the next few days, GS is going to consolidate or turn back down after its rally that began 12 Jun.



From the daily chart, it looks like GS is consolidating now. I see a bearish divergence for the period 19 - 25 Jun 08.

The candles seem to be telling a story that reinforces my view that GS is heading back down post consolidation :

Bulls lost momentum on 16 Jun after its rally that began on 12 Jun and bears took control the day after 16 Jun. Bulls made another attempt to seize back control on 18 Jun, lost momentum again on 19, giving up to the bears in the 2 days that follow. Yet another attempt was made by the bulls on 24 Jun, and, finally, a small-bodied bullish candle that closed near its low wrapped up yesterday's session.