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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $250.73 and $251.97 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. Traders and investors interested in shares of Goldman Sachs Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Goldman Sachs Group (NYSE:GS) is currently priced 1.1% above its average consensus analyst price target of $249.20. 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.

In the past 52 weeks, Goldman Sachs Group share prices have been bracketed by a low of $138.20 and a high of $255.15 and are now at $251.90, 82% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.8%.

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 Group and will alert subscribers who have GS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle goldman sachs group

Ticker(s): GS