*ALMOST READY TO BREAK OUT OF CONSOLIDATION
We’ve been just ever so slightly moving upwards hitting all kinds of resistances that was created by that falling window gap area back in May.
$106-$104 very hectic, confluence zone if you ask me. Possibly Stair-step continuation pattern has been formed but not clear yet.
What we know is that around $106.20 has been a great deal of resistance for $GS thus it made it to consolidate for almost a month now.
Volume has picked up just so slightly compare to the declining volume we had since the 21st of Aug.
My trigger is above $108.30 to go bullish.
Target is at $116 and $120.
50EMA just crossing 100 SMA
10EMA also crossing 200 SMA
and we got good looking angles on those moving averages for bullish support.
But overall, I like the fact that we are trading above ALL moving averages. Definitely a great sign for bullish momentum is still at hand… It does NOT mean it has to go up, we can just straight up tank tomorrow but it just gives us the sentiment of this particular stock which is bullish.
*BOLLINGER BANDS SQUEEZE
Love the Bollinger Bands! Technical it can break on either side but I am not putting any bearish triggers because as a whole market is still bullish.
So If it does break bullish, I think we can probably get to our target pretty quickly here. You can see that we had that initial break back in early January. This thing skyrocketed for about two weeks. And that squeeze wasn’t even as tight as the squeeze we are having today.
Squeeze happens because of the consolidation period. The longer the consolidation happens, the tighter the squeeze becomes. The break from the squeeze is very profitable and moves fast. I know people only try to find bollinger squeeze to trade off of.
Anyway. check our my $DJIA (Dow Index) analysis, i think we might be having a bullish week this week.
9/5 Wednesday – Got triggered/Nice Break-out
9/6 Thursday Mid Afternoon
My target reached and closed out my bullish position with awesome ROI.
When the stock moves this fast this high, I know the retracement is inevitable so I usually take my profit pretty quickly than usual. Overall very satisfied