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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Goldman Sachs Group (NYSE:GS) based on the price action in the company's shares. Today's price range of $224.22 and $226.35 is within yesterday'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 Group 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 Group has traded in a range of $138.20 to $255.15 and is now at $225.05, 63% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.6%.

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.

Goldman Sachs Group has overhead space with shares priced $225.05, or 9.7% below the average consensus analyst price target of $249.20. The stock should find initial support at its 200-day moving average (MA) of $174.77 and further support at its 50-day MA of $156.96.

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

Keywords: bearish inside day candle goldman sachs group

Ticker(s): GS