GS Goldman Sachs Weekly and Daily Charts W Pattern Rising Wedges H&S Developing Earnings Imminent

GS earnings will hit in about one-half hour. Long traders kneel before JPM and GS worshiping these financial heavy weights. The trading side of these businesses is what generates the profits.  The daily chart shows near term momo (green lines for the indicators), much like C, so happy earnings are expected and a push higher in price likely. The weekly chart shows the blue W pattern bottom with a base at 85 and breakout at 125 which targets 165. Bingo. The pattern is fulfilled.

The red lines and arrows show the negative divergence spank downs that are easily forecasted. The brown lines show a potential head and shoulders (H&S) pattern under development. The current price action forms the right shoulder so as long as price does not exceed 167-ish the H&S remains in play. A head at 167 and neck line at 137 targets 107 if the 137 fails. The weekly chart is moving forward with a sideways vibe trying to decide which way to break. The 20-day MA drops under the 50-day MA which is bearish. Note the 200-week MA may slip into a negative slope which would be very bearish for GS moving forward. Projection is for happy earnings on tap as has occurred for JPM, WFC and C the last couple days, albeit top revenue lines remain challenged, and for some further price buoyancy, however, lower prices are expected for GS as the day and weeks move forward with a test of the H&S neck line on tap, perhaps within a couple months time. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 7:45 AM:  GS beats on top and bottom lines as would be expected. GS jumps higher from 0.7% to 1.5%, now up 1.45 to 164.45 in pre-market trading. The banking earnings happy streak continues with four in a row; JPM, WFC, C and GS.

Note Added 10:37 AM:  GS slips on a banana peel now printing negative on the day at 162.67, down about -0.2%. The party did not last long. Maybe the Fed can pump more crack cocaine easy money into GS's coffers to help them out.