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Possible Bearish Inside Day Candle Pattern Detected for Goldman Sachs Gp (NYSE:GS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Goldman Sachs Gp (NYSE:GS) based on the price action in the company's shares. Yesterday's price range of $201.12 and $201.12 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Goldman Sachs Gp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Goldman Sachs Gp has traded in a range of $151.70 to $267.50 and closed yesterday at $201.12, 33% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.2%.

Goldman Sachs Gp (NYSE:GS) has potential upside of 36.2% based on a current price of $201.12 and analysts' consensus price target of $274.00. Goldman Sachs Gp shares should encounter resistance at the 200-day moving average (MA) of $212.00 and support at the 50-day MA of $194.42.

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

SmarTrend is tracking the current trend status for Goldman Sachs Gp and will alert subscribers who have GS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle goldman sachs gp

Ticker(s): GS