Goldman Fights the Downtrend
Goldman Sachs hit a new high late in the summer. Now after a healthy pullback, it may be ready to keep moving.
The first pattern on today’s chart is the falling trendline that began on August 30. GS tried to break that resistance twice last month. It was rejected both times with large bearish engulfing candles. But on Thursday it touched the line and managed to close above it the next session.
Second, notice the double-bottom around $372.50 on September 20 and October 4. Such a bullish reversal pattern could mark the end of its shorter-term downtrend.
Third, GS closed above its 8-day exponential moving average (EMA) for the last four sessions. That hasn’t happened since the pullback began.
Finally, the situation off the chart is potentially positive as interest rates rise, financials advance and GS prepares to report earnings on Friday.
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The first pattern on today’s chart is the falling trendline that began on August 30. GS tried to break that resistance twice last month. It was rejected both times with large bearish engulfing candles. But on Thursday it touched the line and managed to close above it the next session.
Second, notice the double-bottom around $372.50 on September 20 and October 4. Such a bullish reversal pattern could mark the end of its shorter-term downtrend.
Third, GS closed above its 8-day exponential moving average (EMA) for the last four sessions. That hasn’t happened since the pullback began.
Finally, the situation off the chart is potentially positive as interest rates rise, financials advance and GS prepares to report earnings on Friday.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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