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

By James Quinn

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 $205.89 and $207.50 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.

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.

In the past 52 weeks, Goldman Sachs Group share prices have been bracketed by a low of $138.20 and a high of $218.77 and are now at $206.38, 49% above that low price. 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%.

There is potential upside of 0.4% for shares of Goldman Sachs Group based on a current price of $206.38 and an average consensus analyst price target of $207.17. The stock should discover initial support at its 200-day moving average (MA) of $174.77 and subsequent support at its 50-day MA of $156.96.

SmarTrend recommended that subscribers consider buying shares of Goldman Sachs Group on October 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $170.93. Since that recommendation, shares of Goldman Sachs Group have risen 22.4%. We continue to monitor GS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle goldman sachs group

Ticker(s): GS