Market Overview

Goldman Sachs Ripe For A Pullback

Related GS
Fast Money Traders Share The Stocks They Would Buy In Fourth Quarter
J.P. Morgan Debuts Its Fourth ETF
The Uncertain Market Implications Of The Dealer Banks' Restraint Of Trade Settlement (Seeking Alpha)
Related XLF
Credit Suisse's Top 10 Financial Stocks
Dan Nathan Sees Unusual Options Activity In Select Sector Financial Slct Str SPDR Fd
Worry over bank exposure to commodity traders, Glencore (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!

Get Benzinga's Newsletters