Looking at the below chart of Goldman Sachs (GS): the chart looks constructive at first sight,but please note the significance of the $160 level. Should $160 and then especially $155 fail to hold as support, I will look at the short side.
Until then however, note the blue zone on the chart, which is an unfilled gap, which could attract prices higher.
In short, I don’t see a trade setting up right here and now, but given the narrowing trading range (noted by the blue dotted lines) the chances of a ‘breakout’ in either direction are increasing.
