Technical Traders Weigh In On Goldman Sachs Ahead Of Q4 Earnings

Ahead of Goldman Sachs Group Inc GS reporting Q4 earnings scheduled for Friday, two technical traders gave their perspective on the stock.

Dr. Thomas Carr, founder of DrStoxx.com, told Benzinga, "We'll likely see some shadowing in Goldman Sachs [due to] the surprise 7 percent drop in profits from JPMorgan on all those legal costs fighting the Dodd-Frank regulations."

Carr thought that the concern over legal costs "is already baked into the share price which is down about 6 percent from last week."

"Trading revenues: that is the key to Goldman's near-term future if the bank is going to bounce higher from here," according to Carr.

Looking at the charts, former U.S. Treasury trader Richard Suttmeier commented that the "weekly chart shifts to negative given a close this week below its key weekly moving average at $188.52. The stock is well above its 200-week simple moving average at $142.25."

Goldman Sachs closed Thursday at $178.49, down 0.97 percent.