Markets – Macro – Technicals

GS

This page tracks GS (Goldman Sachs) over time and different time frames. Updates, including different time frames and additional technical subsets will be notified via Twitter and Facebook.

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August 20, 2017

$GS continues to be a wet blanket for investors in 2017. The stock is down on the year and the RSI continues to linger in no man’s land flat as a pancake. The weekly chart shows potential of a larger bear flag forming. A break of the spring lows would target the lower fibs and open gaps still residual from the post election rally. A sustained break below the 2015 highs however might be longer term bearish for the stock.

July 25, 2017

New market highs, the $VIX closing a record 8 days below 10. Yet $GS quietly has closed below its 200MA and is down 5 days in a row and the 200MA is crossing over its 50MA. $GS needs a bounce above it now or risk targeting the lower fibs and gap fills we’ve been talking about:

July 20, 2017

Record highs in markets, but $GS remains the odd duckling out. Once one of the key market tells its lack of participation is notable. Again failure at the previously pointed out neckline the stock is now sitting at critical support, its 200MA. A break below would represent the first move below the 200MA since recapturing it in August of 2016:

For further charts please click the image below:

July 16, 2017

Markets broke to new highs and yet some of its previous leaders are lagging. Yesterday I mentioned $AAPL, today it’s $GS. This speaks to the continued rotation in a market that never seems to advance with conviction, volume, or a broad based sector support. $GS needs to still break above the recent resistance zone to have a crack at breaking even for the year. The $246 zone offer heavy resistance on any advance. Currently the stock is still down 4% on the year.

Critical support is now between $217-$221. A break below these areas risks a visit to the lower fibs & open gaps below $200.

 

July 8, 2017

Since testing its 2015 highs $GS has formed what appears to be a rounding bottoming formation that keeps finding resistance near the weekly Bollinger band. This resistance proved strong again this week. A break above would target a renewed visit to the upper weekly Bollinger band. For now price is squarely pegged between the 2015 highs and the February/March lows. So far the recent buyback/dividend induced overall bank rally as well as rising yields this week have failed to sustain price above resistance.  Failure to get through resistance risks a retest of recent lows and a break invites lower gap fills and fib level retests.

Any close below 2015 highs risks a larger correction for $GS.

July 2, 2017

Goldman Sachs has vastly underperformed the market in 2017. The chart continues to show a number of open price gaps following the sizable price advance in 2016. One of these gaps was filled as price dropped into the .382 fib in May.

Despite the strong bank rally following the buyback and dividend announcements price has again reverted into the recent range. The RSI is in a middle neutral range.

As long as the broader market doesn’t correct in earnest the chart is neutral to me, but note the 50 and 200MAs are just below and have acted as recent support. Should price break below these and the May lows, then many of the open gaps become viable technical targets. Also note the confluence between the .618 fib and an open gap in the same price range.

For further charts please click the image below:

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