Mar8 weekly chart reading: GS

Weekly chart:

• The long term uptrend started on May 2005 has broken in the end of July 2007. Later it was re-visited once with a historical new high. Note that when the price made its high in Nov 2007, divergence in both RSI and STO indicated that there would be no more higher high.
• Now GS is on a down trend marked by lower lows.
• Currently all three indicators are bearish. The slope of OBV is steep, STO is crossing below 20, and RSI is about to touch the oversold level. Therefore in the near term GS will still go down.
• There is a support at ~155. The lows in the last Aug and last week are quite close to this support level. If it's broken with big volume, GS can easily go below 140.
  

In the next week if it doesn't go below 155, there will be a upside movement which will possibly go to 180-.

Daily chart:

• The intermediate up trend started in the last Aug was broken in the early Nov 2007.
• Now GS is in a down channel in the intermediate term.
• There is a resistance zone between 175-180, and another resistance at 200+.
• Note that the low level of RSI and STO indicates that GS may have a correction and try to reach the upper edge of the down channel. Because of the resistance, it may stop at 175-180 and then go down.
  

My GS call options is against the intermediate term trend and the long term trend. When the sucker's rally is over, I will close it and see if it's possible to short/put it.