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

By James Quinn

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 $205.15 and $207.86 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.

Goldman Sachs Gp (NYSE:GS) has potential upside of 33.1% based on a current price of $205.91 and analysts' consensus price target of $274.00. The stock should find resistance at its 200-day moving average (MA) of $208.70, as well as support at its 50-day MA of $197.25.

In the past 52 weeks, shares of Goldman Sachs Gp have traded between a low of $151.70 and a high of $262.25 and closed yesterday at $205.91, which is 36% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.3%.

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