7-12-07 (Fri) : GS triangle formation & significance

GS forms triangle, in the midst of down channel, in the midst of uncertainty.

Will triangle breakout determine the direction of the price for the next 1 mth?

How significant is this triangle?

If it breaks down, it also breaks the yearly uptrend line.

If it breaks up, it also breaks the down channel. Thus the break of triangle
and its direction will have significant effect on the direction of the price for
the next few mths.

Is there any tell tale signs of where it will break?

(1) MA20X50 down for now. Its not too bullish.
(2) OBV is trending up. A bit positive
(3) ADX heads below 20, confirming a lack of trend now for GS.
(4) Bollinger shows Gs is the at the mid of the band, again saying direction is not
sure.

15min chart offers more clues. The MACD just cross 0 up. Thus i am bullish that the price will soon break 224, and later 230. after breaking 230 it will be confirmed the direction is upwards, and will soon reach 250.

Perhaps all awaits the answer that lies in the triangle breakout.

I will wait for the breakout.

daily
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15min
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