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FX.co ★ Goldman Sachs stock price approaches our pull back target.

Goldman Sachs stock price approaches our pull back target.

Back in December we posted analysis on Goldman Sachs stock price. At that time, we warned bulls that the up trend was nearly completed if not already complete and that a change in trend was imminent. Price had support at $372 which were broken on a daily basis. Price bounced but never hit our bearish stop.

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Goldman Sachs stock price approaches our pull back target.

Blue lines - bearish RSI divergence

Black lines- Fibonacci retracement

Red line -short-term resistance

The price action over the last two weeks in GS stock price has been horrible for bulls. Price declined from $400 to $333. We are very close to our first pull back target of $310 where we find the 38% Fibonacci retracement. The RSI just entered oversold levels on a daily basis. Price could bounce higher this week but overall I expect prices to continue lower.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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