Good morning Traders!
Layoffs announcements continued this week with investment banks tightening the belt.
And on the medical frontier, hopes for Alzheimer sufferers.
Goldman Sachs has announced it will layoff 3200 employees, a number which is one of
the biggest for the investment bank, it also has announced cost cutting across multiple
The Monthly and Weekly charts are both in a confirmed uptrend, and after consolidating
for several weeks underneath the level of around 354, the market broke through this level
and closed above it, placing the lower timeframes back into an uptrend as well.
Eisai is a Japanese drugmaker who this week won an initial approval from the FDA for it
innovative Alzheimer treatment.
Following these news, the stock has gapped up above the level of 8420 and has since
been pulling back, though it hasn’t closed the gap as of yet. The Daily chart is still in a
downtrend, while the Weekly chart is in an uptrend, (as higher timeframe pulls back, lower
timeframes may change direction). I’ll be looking for signs that the sellers has given up
control and buyers are returning, keeping in mind that the previous swing high, which is
also a psychological level of 10,000, could see sellers activity at that level once more.