Greg Troccoli Thinks Goldman Sachs (GS) Could Test $160 On The Downside

Greg Troccoli, a technical analyst at Opalesque, said on CNBC's Fast Money that he is looking at Goldman Sachs (NYSE: GS) which is in his opinion an indicator for the market movement.

Troccoli added that he is observing a 21-day moving average which is negative and this is the longest period it has been negative since the November 2008. He thinks that this could be a sign of a correction and Goldman Sachs (GS) could test $160 on the downside.

Goldman Sachs (GS) dropped 0.37% today and closed at $176.60. Its volume was $7.09M which is below its average of $10.44M.