Goldman Sachs ST: the RSI is overbought

Trading Central 2021-01-14 16:36:05

Our pivot point stands at 288.

Our preference: the upside prevails as long as 288 is support.

Alternative scenario: below 288, expect 273 and 265.

Comment: the RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 266.7695 and 241.2234).

Supports and resistances:

347 **

339 *

330 **

321

302.94 (USD-last)

293

288 **

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