- GS continue to look weak as price trades below 200 SMA and closed below Golden ratio.
- Price is falling from a head and shoulders pattern which may target 96 levels.
- Staying below Golden ratio price may target 78.6% Fib level.
- Weekly chart sows price below 20 week SMA. If the previous trend is to continue price may test 84 levels and break below it to give a trending down move.
- JP MORGAN WEEKEND UPDATE
May 13, 2012
- First three weekly charts shows bearish scenarios for the coming week.
- Last chart shows a potential channel in daily time frame. If the channel support line holds we may see a bounce in BN before the fall resumes.
- Crucial support in weekly charts are the weekly Channel resistance line which may act as support and the golden ratio near 9080.
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