Goldman Sachs Group Inc. (NYSE: GS) GS stock price has shown a roller coaster move and stayed in the congestion zone below the 20 day EMA barrier. Moreover, the price action shows that, after the multiple attempt buyers failed to surpass the trendline near $340 and faced rejection results in further retracement making lower lows inside the channel. However, GS stock is heading toward the demand zone of $300 and near the channel lows, from where a significant pullback can be anticipated. Furthermore, the chart shows that GS stock has shown a neutral trend, consolidating near the 20 EMA.
GS stock price has failed to surpass the 20 day EMA barrier and a rejection candlestick indicates the bears grip near $310 which did not permit the bulls to escape. Moreover, the options chain shows that, at the strike price of $310, a massive open interest of 1097 hundred shares on the call side, whereas 1874 hundred shares on the put side indicates that sellers are trying to trap the bulls.
At press time, GS stock price was $309.36 with an intraday drop of 1.60% showing neutrality on the charts. Moreover, the trading volume increased by 2.89% to 4.87 Million and the market cap is $101.987 Billion. Furthermore, analysts maintained a buy rating with a yearly target price of $378.17 suggesting a growth outlook for the next sessions.
The Goldman Sachs Group, Inc. engages in the provision of financial services. It operates through the following business segments: Global Banking and Markets, Asset and Wealth Management, and Platform Solutions. The Global Banking and Markets segment includes investment banking, equity and debt underwriting, Fixed Income, Currency, and Commodities (FICC) intermediation and financing activities, relationship lending and acquisition financing, and investing activities. The Asset and Wealth Management segment provides investment services and manages client assets across investment strategies and asset classes.
Will GS Stock Retest $300 or Take Reversal?
On the daily charts, GS stock price is below the 20 day EMA and showing seller dominance. Moreover, the price action highlights sellers’ intent to push GS stock price to $300, where bulls tried their best to hold their pressure and try to recapture momentum.
Despite bulls’ multiple attempts to surpass the barrier of $330, sellers did not yield. Moreover, the GS stock price is consolidating in a narrow congestion zone.
The RSI curve stayed near neutrality and showed a bearish divergence indicating a negative outlook for the next sessions.
The MACD shows a bearish crossover and a bearish crossover and red bars on the histogram suggesting that sellers will continue to remain strong and will push GS share to the $300 mark.
Summary
GS stock price faced the 20 day EMA barrier and made a rejection candlestick highlighting the sellers’ strength. Moreover, the price action shows the incisiveness between the bulls and bears and roller coaster moves on the charts. Despite the pullback, bulls failed to extend the momentum and a retracement is witnessed in the last trading sessions.
Technical Levels
Support Levels: $300 and $285
Resistance Levels: $315 and $330
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/18/gs-stock-nyse-gs-shows-retracement-will-it-retest-300/