Goldman Sachs Group, Inc. (GS) Technical Analysis

Today we'll analyze the Stock GS for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 180.80$ (02/27/08) to 155.58$ (03/10/08) a 25.22$ move
2- The current bullish trend started from 155.58$ at 03/10/08 and is currently trading at 165.44$.

3- The stock current support level is at 165.21 which is the 38.20% fibonacci retracement of the last 25.22$ move.
4- The stock current resistance level is at 168.19 which is the 50.00% fibonacci retracement of the last 25.22$ move.
5- The Stock traded in a bearish channel identifed by support at 155.58 and 172.7, resistance between 180.8 and 207.78 which was broken up at 165.44 in higher than usual volume.
6- According to ADX, the trend is currently strong bearish, which is getting stronger.

Conclusion:
GS is currently trading a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .

Resistance Levels: 168.19, 171.17, 180.80, 187.66, 196.39.
Support Levels: 165.21, 163.34, 163.11, 161.67, 161.53, 160.51, 159.35, 155.58, 155.58,.

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$.