I was looking at GS' daily chart and noticed that yesterday (Jul 3)'s candle is a Bearish Belt Hold(circled in green on chart). The high of the candle touches a 4-month resistance that I've drawn by using the low of the hammer that was formed on Jan 9.
The resistance was broken only on Apr 24 with the closing of a long bullish candle above the line. GS subsequently came back down, broke through the line and went further down before going back up to test the resistance again in mid June.
The appearance of a bearish Belt Hold candle suggests either a reversal of the upward move from Jul 1, or a consolidation. The belt hold line is significant when it confirms a resistance - in this case, the 4month resistance mentioned above.
Should GS close above this line in the coming week, it will be a signal that it will continue its uptrend along my green channel (refer to chart).
I will be looking at the weekly and monthly charts to get a bigger picture.
Meanwhile, the daily chart's telling me that 182.3 to 183 is GS' very short-term resistance.
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