GS Daily Chart
I see a Bullish Hidden Divergence for period Jun 11 - Jul 7, and that tells me that GS is Not likely to close below my blue channel (refer to chart above). In fact, after the sell-off yesterday (which continued after-hours), I'm expecting some short covering in the first part of the trading session.
Charts aside, outlook remains grim for GS. Bloomberg reported that the company has "lost money on 20 trading days during the quarter, including 9 days with losses of $100 million or more..."
Light sweet crude fell further (65cents down) but not enough to boost investors confidence. Dow, Nasdaq and S &P futures are all down for now. Will see what happens after Bernanke's speech later today.
My view on where GS is going today: the first move is probably up, (GS is currently trading below yesterday's close and is likely going to open lower than this closing price), followed by a dip or a plunge, depending on how bearish market sentiments are.
Truth is, I can't see a definite trend. Gut feel tells me that GS is going to be trading sideways for the week.
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