Wednesday, April 02, 2008
GS made another attempt to recover its 50-day EMA and ended the day with a high-wave/gravestone doji-type candle (not a positive bias formation). Since price first slid below the 50-EMA (back in November '07) GS has made 7 attempts at reclaiming the downward trend-line. The time-cycle between attempts has shortened though, we've had two attempts in the past 7 trading sessions for both a 50EMA and trend-line take-over. Looks like a test to fill in the gap from Tuesday's session could be next before making another go at the 50EMA.