GS (Goldman Sachs) at 107.01 Forming a Bullish Outside Week Candle (BUY)

GS posted a new YTD low at 99.78 (12 Sep) while sliding within a multi-week falling wedge. The reversal off the new low formed a bullish outside weekly candle (as of 16 Sep). The oversold weekly RSI shifting upwards indicates that scope remains for further recovery towards 118.10 (Resistance 1). An upside break there would shift the medium-term focus, promoting further recovery towards 129.50 (Resistance 2) ahead of 139.25 (Resistance 3) near 50% retracement of the 175.34/99.78 decline.

However, a breakdown below 99.78 (Support 1) would negate and initiate the next leg-down towards 92.55 (Support 2) then 79.27 (Support 3) near 76.4% retracement of the 47.41/193.60 rally.

Trading Indication:
Short-term (Intraday):
Buy at 102.0 or lower;
Target at 129.50 and higher; Stop Loss at 99.75 (2.25%)
Long-term: Possibly sell higher