Goldman reports today

Revered and reviled in equal measures, the mighty Sachs reports its Q2 later today. The blue bullish support line is still in tact but this chart does not look bullish overall. One of the drawbacks with daily closing P&F's is that they provide guidance but are not great for short term trading. By the time the 45 degree bullish support line is threatened around $100, the price would have already halved! To trade more actively, you can use 1minute, 1 hour, 4 hour P&Fs.

All that said, we are looking for directional guidance here and I say lower - recent support at $150 has been broken. The filling of the $145 box gave a double bottom sell signal. The 'shape' of this chart does not currently provide for any upside price objectives. To the downside, we now have an activated price objective of $70, no time horizon. If the results surprise to the upside and we get a 3 box reversal today and a new up column of x's (would require a move of $15 to fill 3 boxes), the next (unactivated) target (from the last column of nine 0's) would be in the order of $45.