Market Overview

Goldman Sachs Ripe For A Pullback

Related GS
Lloyd Blankfein: This Could Very Well Be The Chinese Century
Lloyd Blankfein On The State Of U.S. Economy, Slump In Oil Prices
Most Americans Likely Not Hiking Holiday Budgets (Fox Business)
Related XLF
4 Sector ETFs Nearing Support
Dan Nathan's Select Sector Financial Slct Str SPDR Fd Trade

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)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional