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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


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