Candle for yesterday's session is sitting on the floor of the green channel that was drawn yesterday (see entry on GS 1 Jul 08). Candles are not forming any significant patterns - other than the tug of war that's going on between the bulls and the bears at higher than average volume in the past 3 sessions. Bears seems to be losing steam and bulls are making some progress..but given that yesterday's bullish candle closed so near to the low/close of the bearish candle 2 sessions before, I tend to think that gs' likely to trade quite flatly today.
Now, on non-farm payroll... Well, that's tomorrow, and I really think that the market has already priced in their expectations by now. So I'm going to skip it. Life's complicated enough.
Back to my daily chart above. I see a Bullish Hidden Divergence - which means that I can still assume that my green channel is reliable, provided that there's no surprise coming from the market or the US government...
Without too much else to rely on, and to make my life simpler, I'm going to give my channel a little faith ie. gs is not going to go down further. My gut feel (very bad words, I know. Can't help it. I haven't a crystal ball. Who does anyways??) is that GS' likely going to go sideways, with small bodies and within a moderate range of $4-6.
Ok, I'm done playing prophet for the day.
No comments:
Post a Comment