Market Overview

Goldman Sachs Ripe For A Pullback

Share:
Related GS
What Do Wall Street Banks Do When They Runs Out Of Jobs To Eliminate?
TD Ameritrade Clients Really Didn't Like Automakers Last Week
Oppenheimer: Bank stock hatred hits new highs (Seeking Alpha)
Related XLF
DriveWealth And DirectFX Have Partnered With OneZero To Provide Access To More Assets
Meet The Company Disrupting The $50 Billion Financial Services Industry
Laggards Among Leaders (Seeking Alpha)

Goldman (GS) has been on a tear since its breakout over $126 in late 2012. Pullbacks are healthy in an uptrend and GS might be overdue, much like the overall market. The weekly chart has been overbought for a few weeks and now retreating out of this territory. The MACD looks to be rolling over as well.


The daily chart shows strong support at $147.50-$147 area right in confluence with the 50 EMA support at $146.75. MACD has been showing strong divergence from the sideways action. If a breakdown occurs a pullback to $130-$126 area is likely.

Posted-In: Short Ideas Technicals Trading Ideas

 

Related Articles (XLF + GS)

View Comments and Join the Discussion!