Goldman Sachs Group, Inc. (GS) Technical Analysis

Examining the weekly charts of Goldman Sachs Group (GS), reveals interesting facts,
there is a resistance line (yellow - resist1) that was first touched Nov 2002,
this resistance line holded its form through out the years and lately resisted at 219 and 230.

on the other hand, we clearly see a supporting line from Mar 2003, last supporting the stock at JUn 2005( support1 red).

furthermore, we can clearly see a resisting line that transformed into a support line in Jul 2006 (Support 2)
the current level of the stock is residing on top of the support 2 level, a critical point for GS.
we can also see a double top pattern that formed on 230$ value.





Examining Fibonacci retracements on the bullish rally from Jun 2005, sets 187.37$ as a first retracement for an acceptable technical fix, and 169.5$ as a second target for the bearish double top form we already noticed.

the stock is clearly trading in a limited price range since October 2007, and is very close to the lower band of the trading range at 183$.

However, ADX is forming an uprising trend, forming a strong bearish trend , pointing a potential of the break out of the limited trading range.
the target of the break out is 162.5$.


to conclude we see many bearish signs in long term and short term, double tops and channel breakout with uprising momentum, the first target is 170$, breaking it would lead to the second target of 162.5$, and 152$.