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GS Moves Lower
September 5th
Good afternoon folks. Today we are going to be looking at a default OmniTrader 2017 Reversal Strategy signal, and in this particular case, one on Goldman Sachs. Let’s take a look!
GS looks like it may head down to support at $213.00.
OmniTrader 2017 Reversal Strategy
GS dropped over 3.5% during today’s session which is now being cited as a big reason for some of today’s market mayhem. It breached the 50 SMA (not pictured above) but also the 12, 21 and 31 period EMA’s, which all give us bearish confirmation. Its relative momentum is about to move below zero which gives us even more bearish confirmation. The VTY and RSI also point to continued bearish movement coming. GS could be heading down to support just above $210 before it begins a new bullish reversion move.
This signal was fired by our tried and true OmniTrader 2017 Reversal signal. The reversal signal looks for sudden shifts in momentum and pivot points off of higher lows and lower highs. One of the really nice things about the reversal strategy is that it is included with OmniTrader 2017. No other plug-ins needed. So keep an eye on this guy, could be a good move.
If you’ve never used OmniTrader before but are interested in giving the Reversal Strategy a go, we’ve got you covered. Try OmniTrader 2017 today, risk-free for 30 days on the house!
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About the Author Ryan Belknap
Ryan has been with Nirvana since 2012 and has been manning the trading desk since Day 1. He was one of the founding members of Nirvana's Trading Lab and also TraderSource.com along with Ryan Olson and Russell Casperson. Ryan logged more than 3,500 hours trading and educating live in the Lab. He is also the lead author of SignalWatch.com. Ryan is a seasoned educator and has conducted numerous educational webinars and is an OmniTrader University instructor. Ryan prefers swing trading and position trading. Outside of the market, Ryan has passions for the outdoors, baseball, exercise, coffee, pop-culture and spending time with his family.